Saudi-Bahrain pipeline project work on target

Updated 23 January 2013
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Saudi-Bahrain pipeline project work on target

Abdul-Jabbar Abdul-Kareem, general manager for mega engineering projects at the Bahrain Petroleum Company BSC (Bapco), has affirmed that feasibility studies, predesign, and technical designing of the pipeline project between Saudi Arabia and Bahrain have been completed and detailed engineering stage would start as early as the first quarter of 2013 at an estimated cost of $ 350 million.
Abdul-Kareem told Bahraini newspaper Al-Watan that Bapco has almost completed its ambitious 10-year strategic investment program for modernization of Bapco refinery at a total cost of more than $ 1.2 billion.
He said Bapco applies Chevron's plan for developing and implementing operations under the technical services agreement signed with Chevron for the purpose of applying this plan as the main technique to develop, modernize the Bapco refinery program. Chevron's plan comprises five major stages, which focus on steps to implement the project from the alpha to the omega, including three initial stages that are connected with the launching of the project's implementation process.
The plan has now ushered into the second phase of its implementation. The fourth phase of Chevron's plan pertaining to implementation aims to construct the project through specific phases so as to strengthen aspects of financing and optimum utilization of resources. Initial construction operations are expected to start by 2017 so that the final construction jobs will be finished by 2020.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.