Barwa Bank provides finance for Qatar Petroleum International Limited
Doha, 29 December 2013 – Barwa Bank, Qatar's fastest growing Shari’ah compliant banking service providerhas announced its participation of USD 123mn in a Finance Facility for Qatar Petroleum International Upstream O.P.C, a fully owned subsidiary of Qatar Petroleum International Limited (QPI).
This Facility will be utilised to part finance Qatar Petroleum International Upstream O.P.C for its investment in Total’s operations in the Republic of Congo. The investment is through a share capital increase in Total E&P Congo resulting in QPI holding a 15% share of the company.
Barwa Bank’s CEO Mr. Steve Troop, welcomed Barwa Bank’s participation in this important project and indicated that the Bank’s involvement is a sign of its dedication and commitment to supporting the Qatar global investment strategy and regional cooperation. Barwa Bank affirmed its interest in participating in future local and international projects funded by the Qatari Government.
Khalid Al Ahbabi, General Manager, Wholesale & Business Banking, Barwa Bank also commented, “The selection of Barwa Bank for this deal is an important achievement for us financially and strategically. With Barwa Bank’s expertise in arranging project financing we are fast becoming a strategic choice for major local, regional and international companies.”