Dubai: Dana Gas through its wholly owned subsidiary Dana Gas Explorations secured a $100 million (Dh367.24 million) term facility for the Zora Field Development Project, which spans the territorial waters of Ajman and Sharjah. This facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream.
According to the press release, the credit facility, with Emirates Bank NBD Capital Limited as Initial Mandated Lead Arranger, Bookrunner and Coordinator, will be provided by the following syndicated banks in their role as “Mandated Lead Arranger and Joint Bookrunners”, Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.
The repayment for the term facility is over a period of 15 quarterly investments, the press release said.
Once on-stream, Zora will provide an additional source of gas for local power generation in the Northern Emirates with an expected production capacity of 40 million metric standard cubic feet per day (mmscfd).
