Cyber Gear UAE Today
Guest Posts

IPIC concludes US$625m loan facility to acquire 20pc stake in Cosmos Oil

The International Petroleum Investment Company (IPIC) has concluded a US$625 million syndication loan to finance acquisition of 20 per cent shares in Japan’s Cosmos Oil Company. Cosmos Oil is a leading Japanese oil refinery and sales conglomerate, listed on the Tokyo Stock Exchange. Abu Dhabi based IPIC signed a strategic partnership with it last year to acquire 176 million shares, a 20.83 per cent shareholding. The deal aims at promoting IPIC energy business in Asia Pacific region and the US West Coast as well as to pursue the joint project opportunities. The sell-out deal will also enable Cosmos Oil to carry out its mid and long-term growth strategy. Loan facility: The National Bank of Abu Dhabi (NBAD) and The Bank of Tokyo-Mitsubishi UFJ Limited (BTMU) concluded yesterday a Dh2.3 billion (US$625 million) syndicated term loan facility. NBAD and BTMU acted as mandated lead arrangers while NBAD acted as facility agent and BTMU as documentation bank. Khadem Al Qubaisi, Managing Director of IPIC, said: "The acquisition forms part of IPIC’s investment diversification plans, mapped out under the supervision of Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs and Chairman of IPIC." The partnership with a leading global player such as Cosmos Oil will allow both companies to pursue investment opportunities in this rapidly expanding sector, he said.

View News Headlines

We accept guest posts, contact us now  
Another Cyber Gear site