BW Gas Gets Financing for BW Integrity FSRU

BW Group Credit Agricole Corporate and Investment Bank (CA-CIB) and KfW-IPEX Bank (KfW) have provided a USD 191.8 million post-delivery financing to a subsidiary of BW Gas regarding the companys second FSRU, BW Integrity, law firm Watson Farley & Williams (WFW) informed.  CA-CIB and KfW acted as mandated lead arrangers and lenders which were advised by WFW on the export credit agency-backed financing. Named in January this year, the FSRU has a storage capacity in excess of 170,000 cubic meters and a peak regasification capacity of 750 meters standard cubic feet per day and will serve Pakistan’s second LNG terminal at Port Qasim. It is currently employed by PGP Consortium Limited, a subsidiary of Pakistan GasPort Consortium Limited. BW Integrity will provide 600 meters cubic feet per day of regasification to state-owned Pakistan LNG Terminals Limited under a 15-year contract. As explained, this transaction is significant as the FSRU will play a vital part of Pakistan’s plan to reduce the country’s gas deficit. This transaction highlights BW Gas’ commitment in providing LNG shipping and regasification solutions, this being their second FSRU after BW Singapore. It also shows the support of the lenders towards BW Gas and the energy space, Madeline Leong, Partner at WFW Hong Kong, commented, adding that Pakistans current LNG regasification capacity will be more than doubled with the transaction.