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Dolphin Energy Wins "Islamic Finance Deal Of 2005" From Project Finance Magazine
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Leading Bankers’ Journal Presents Award at UK Ceremony
Dolphin Energy Limited has received the award for "Islamic Finance Deal of the Year 2005" for Europe, Middle East and North Africa (EMEA) from Euromoney Group's authoritative Project Finance magazine at a ceremony in London, UK.
During the ceremony, the award was presented by Sean Keating, Managing Editor of Project Finance Magazine, to Fahad Al Raqbani, a lead member of Dolphin's Project Finance team that worked on the deal.
The award relates to the substantial and innovative $1 billion Islamic Finance Facility signed in September 2005 between Dolphin and 14 financing institutions: the largest Shari'a compliant deal in the oil and gas sector to date.
The Islamic facility was established to finance a portion of the forthcoming Dolphin Gas Project – which involves the production and processing of gas from Qatar for supply to utility customers in the UAE and Oman at the end of 2006. The Islamic facility was organized alongside a conventional facility for $2.45 billion, which enabled Dolphin to take out its original bridge financing of $1.36 billion in 2004.
In its report on what it terms the “EMEA Islamic Deal of the Year 2005” Project Finance said that the deal had “…raised perceptions of the project volume that can be financed in the Sharia compliant market and at what price.” It noted that “…the deal has broadened perceptions of what constitutes the Islamic lending base – a number of the participants have never participated in an Islamic project.”
The magazine commented: “The single most important aspect of the Dolphin facility is economic and risk equivalence between the commercial and Islamic tranches – something not seen before…
“The facility is an Istisna’a transaction… the norm for Islamic greenfield projects: the critical difference on Dolphin is that, for the first time, Sharia scholars have concluded that an advanced rental payment can be effectively linked to a floating rate rather than fixed.
Dolphin Energy Limited
Dolphin Energy Limited was created to develop substantial energy projects throughout the GCC. Its objective is to create long-term economic wealth and new business opportunities for GCC citizens, far into the future. Dolphin Energy’s major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea pipeline across joint UAE-Qatari waters to the UAE, beginning in 2006.
Dolphin Energy’s first initiative, the Al Ain to Fujairah Pipeline, came on stream in January 2004.The pipeline supplies the Fujairah Water and Power Plant on the UAE’s East Coast – initially with natural gas from Oman, and subsequently with Dolphin gas from Qatar. In May 2005, Dolphin began to supply natural gas to the UAE Emirate of Ras Al Khaimah. The gas is being delivered via a tie-in near Qidfa between Dolphin’s Al Ain - Fujairah pipeline and the existing Emarat gas pipeline network.
Dolphin Energy is owned 51 percent by Mubadala Development Company, on behalf of the Government of Abu Dhabi – and 24.5 percent each by Total of France and Occidental Petroleum of the USA.
Detailed information about Dolphin Energy can be found on www.dolphinenergy.com
For further information contact:
Mirna Hijazi
Corporate Communications Manager
Tel +971 2 6995500
Fax +971 2 6995578