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Al Jaber gets $300m to finance Shah gas project.

Abu Dhabi Al Jaber Energy Services (AJES) has acquired $300 million (Dh1.1 billion) in financing facilities from Abu Dhabi Islamic Bank to build large segments of the Shah Gas project.

The project was awarded to Al Jaber by Abu Dhabi Gas Development Company, a subsidiary of Abu Dhabi National Oil Company (Adnoc) and is part of the $12 billion Shah sour gas field development. The scope of the project includes the construction of a four-lane dual carriageway and asphalt road connecting the Shah area to Liwa road.

Also part of Al Jaber's contract is 27 million cubic metres of cut, fill and levelling works to prepare the site for process, production, sulphur recovery, utilities and off-site packages for the development.

The 16-month financing agreement was signed at Al Jaber Group Head Office by the chief executives of Al Jaber and ADIB.

"This is a large-scale development that Al Jaber Group has undertaken to complete in a very short span of time. ADIB is pleased to participate in such large infrastructure development projects in the UAE," ADIB CEO Tirad Mahmoud said in a statement.

Mohammad Al Jaber, CEO of Al Jaber Group said: "I thank ADIB for their support and encouragement and look forward to working with them. The Islamic finance deal was structured by them as we desired. We will now accelerate project development work on ground."

AJES is a 100 per cent subsidiary of Al Jaber Group established in 1994 as an Engineering, Procurement and Construction contractor to orchestrate and execute landmark projects throughout the Arabian Gulf and beyond.


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Publication:Gulf News (United Arab Emirates)
Date:Aug 25, 2010
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