Abu Dhabi Islamic Bank Arranges Shariah-Compliant Financing of USD 135 Million to Build Gas Carriers for ABGC
May 12, 2022 | Updated at May 12, 2022
Abu Dhabi Islamic Bank (ADIB) has announced its arrangement and structuring of an AED 495 million (USD 135 million) Shariah-compliant transaction for the construction of two Very Large Gas Carriers (VLGCs) for Al Seer Marine and BGN International’s joint venture, ABGC, on the 11th of May 2022.
Why it Matters?
The facility will fund the construction of two 86,000 cubic meters VLGCs to be built by Hyundai Heavy Industries. In March 2022, construction began on the first vessel, Lucky Gas, to be delivered in March 2023, while construction on the second vessel, North Gas, begins in May 2022, to be completed by June 2023. The vessels will operate dual-fuel engines and will run on Liquefied Petroleum Gas (LPG), providing operational, economic, and environmental...