Gulf Petrochem Group secures US$150m term loan

News | 1 August 2017

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Gulf Petrochem Group (GPG) has signed a US$150m term loan with a syndicate of banks based in Asia.

The eight-year financing was led by Emirates NBD and will be used to support the group’s global activities.

GPG is headquartered in the United Arab Emirates and is active in the trade of petroleum products (oil trading and refining, bitumen manufacturing, shipping and logistics), and has a global footprint.

“Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital,” said Prerit Goel, director of GPG.  

“Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia.”

Salah Mohammed Amin, Emirates NBD’s executive vice president, corporate banking added, “The positive response for this facility confirms the interest in key sectors in the UAE and the trust endorsed to Gulf Petrochem Group's strong financial position, despite the difficult market conditions.”

National Bank of Fujairah acted as the security agent for the financing, while Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank, and Mashreq Bank also participated in the deal. 

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