الرئيسية
DUBAI, Dec 4 (Reuters) - Qatar Steel, a wholly-owned
subsidiary of Industries Qatar, has secured a $250
million subordinated loan facility from two banks to finance
expansion, it said on Sunday.
International Bank of Qatar (IBQ) is acting as facility
agent and will provide $150 million of the total while Abu
Dhabi-based Union National Bank will fund the
remainder.
The statement did not provide details of the pricing or
other terms of the medium-term loan facility.
The funding will be used to finance a new steel melt shop,
which will produce 1.1 million tonnes of steel a year and is
expected to launch in the first quarter of 2013, targeting local
and regional markets, Qatar Steel said in a statement said.
Qatar, the world's largest exporter of liquefied natural
gas, has been investing in industries other than gas. It
launched a $5.7 billion aluminium plant in December 2009 which
was inaugurated last year.
(Reporting by Rachna Uppal; Editing by Amran Abocar)
subsidiary of Industries Qatar, has secured a $250
million subordinated loan facility from two banks to finance
expansion, it said on Sunday.
International Bank of Qatar (IBQ) is acting as facility
agent and will provide $150 million of the total while Abu
Dhabi-based Union National Bank will fund the
remainder.
The statement did not provide details of the pricing or
other terms of the medium-term loan facility.
The funding will be used to finance a new steel melt shop,
which will produce 1.1 million tonnes of steel a year and is
expected to launch in the first quarter of 2013, targeting local
and regional markets, Qatar Steel said in a statement said.
Qatar, the world's largest exporter of liquefied natural
gas, has been investing in industries other than gas. It
launched a $5.7 billion aluminium plant in December 2009 which
was inaugurated last year.
(Reporting by Rachna Uppal; Editing by Amran Abocar)