NLNG receives $360m loan from South Korean EXIM Bank
The South Korean Export-Import Bank according to report, announced this week a $360 million loan to the Nigerian Liquefied Natural Gas (NLNG) Limited. Korean agency Yonhap News reported the loan to NLNG has a maturity of 9.5 years.The transaction comes under the state-owned South Korean bank’s program of providing export credit and guarantee programs to support Korean exporters.
According to Yonhap, in January, Nigeria LNG, gas exporter of the state-owned Nigerian National Petroleum Corporation (NNPC), signed a contract with two South Korean shipyards – Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. – for six LNG vessels worth $1.3 billion.
NLNG appointed Nigerian lender GT Bank and France’s BNP Paribas in February to raise $1.6 billion for six LNG carrier ships. A banking source said the fundraising is expected to close by the end of March 2013.
South Korea’s EXIM bank also said Korea’s state-run trade insurance firm K-sure and Korea Finance Corp will provide an additional $360 million loan for the 2 beneficiaries of the NLNG contract.
In an official statement, the EXIM bank stated the loans would help Korean exporters win more deals in Africa.
Source: Ventures Africa