BARWA BANK PROVIDES FINANCE FOR NATIONAL PETROLEUM SERVICES GROUP STRATEGIC COMMITMENT TOWARD THE OIL & GAS SECTOR
Barwa Bank, Qatar's newest Sharia'h compliant banking service provider, has entered into a finance agreement worth QAR 529m with National Petroleum Services Group (NPS) to refinance an existing syndication and support expansion and working capital.
NPS group provides drilling and well services to customers in the oil, gas and petrochemical industries in the Middle East, North Africa, Far East, and Europe. NPS is the largest regionally-owned oil, gas and petrochemical services provider in the Middle East competing with western international operators in the same markets.
The company's products and services offer distinctive customer solutions. Its state-ofthe-art equipment and sectorial services span Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Syria, Brunei, Malaysia, Singapore, Libya, and Iraq. Mr. Keith Bradley, -Head of Banking in Barwa Bank commented on the deal: “Barwa
Bank is proud to support one of the leading regional providers of services to the oil and gas industry, NPS has a solid track record of steady growth, and we look forward to partnering with NPS to support its further expansion going forward.
“ The selection of Barwa Bank for this deal amidst tough competition from other local and international banks is an important achievement for us financially and strategically as we strive to enhance the positioning of Sharia'h compliant banking and finance as a strategic choice for major local, regional and international companies” concluded Mr. Bradley.
Mr Abdul Aziz Al-Delaimi, Chairman, NPS said, “Barwa Bank were prompt to respond and, having understood our requirements, structured an innovative facility which closely matched our needs. The relationship has got off to a very strong start and we are looking forward to strengthening it over the coming months and years”
Capitalizing on its strong financial situation and innovative suite of products and services, Barwa Bank will continue to work closely with the energy sector and other main sectors to achieve its vision of becoming a universal Sharia'h compliant banking group with its roots in Qatar.