The Dolphin Gas Project, a natural gas pipeline to transport Qatari natural gas to the United Arab Emirates and Oman is set to receive $3 billion in financing.
Dolphin Ltd. will obtain financing through a revolving loan to implement expansions in pipelines that transport gas from the Qatari North Field to the UAE capital Abu Dhabi, and part of it to the Sultanate of Oman.
The ownership structure of Dolphin Energy, the company executing the project, is divided between Mubadala Emirates, at 51%, and the two companies, Occidental and Total Energy, at 24.5% each.
Dolphin Energy Limited is working on implementing the project after collecting funding from 15 banks for a period of up to 10 years. Soi Sumitomo Bank SMBC is providing advisory services to the project executing company.
The banks working on the financing deal include Kuwaiti, Emirati and French banks, in addition to HSBC and Standard Chartered banks working as arrangers for the loan, according to the sources.