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7/25/2019 RAS GAS.pptx
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The use of the capital markets
to fund the Ras Gas Project
Group No-428NMP Dhananjay Rastoi
28NMP !arsimran "aur28NMP#2 $ahid %hmed28NMP#& 'M PR%"%(!28NMP )ikas
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*ntroduction-Ras Gas Project
Ras +affan Ntaural Gas company is ,. o/ned 0y 1atar eneral petroleum corporation and .o/ned 0y Mo0il 3orporation
North field is one of the larest natural as fields in the /orld /ith atleast trillon cu0is feet ofnatural as
Ras Gas /as constructed a 52 million metric ton per annum +NG facility in he *ndustrial arear of Ras+affan6 %ppromiately 5 Miles from Doha
7acility /ill consist of t/o indentical +NG process6 offshore drillin platforms and onshore storaefacilities
9pected cost of project /as :4 0illion and /as e9pected to 0e funded /ith upto ,5. de0t and 25.
e;uity pro
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Ras Gas Project (tructure
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(teps to/ards financin Ras Gas project
Goldman sachsestimatedproject cost :50illion initially
Took sos
- 3ontracted-%rraned7inancin
- (tandard 7inancin conditions
laid do/n for 0iddin
Raisin funds from?onds financin
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*n
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(o
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3oncerns of 1atar = Mo0il in 7inancin
A Ma9imiin the amount6 term and a
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3ontractor H%rraned 7inancin
Makin use of the company>s le
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(tandard 7inancin 3onditions K(73>sB
The (73>s /ere desined to 0e a road map for the 0iddin roups
(73>s /ere desined in a /ay that /ould 0e fair to all the lenders6 /ho /ould 0e a lareand disof urope6 %sia = C( from early stae of ?iddin process
3%s and ?anks reconied the importance of includin capital markets de0ts in Ras Gasproject
(73s only contemplated a t/o-train project6 /hile the construction contracts /ere 0id asa sinle train /ith company options to 0uild a second train
This /as done 0ecause Ras Gas /as confident in its a0ility to sell additional
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3apital Market 'fferin %ttracti
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Funds to be Raised
$3.4 Billion
$ 1.3Bn$1.2B
Expected Funds
MobilQM
QatarGeneralPetroleu
m
;uity *n
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*e Proect Finance Bonds
$1.2 Billion
$4//M $//M
oupon rate o5 6.7 8
Matures in 2//7
13 basis points abo9e %treasuries
on:recourse
For institutional bu;ers onl;
oupon rate o5 .3 8
Matures in 2/14
16. basis points abo9e %treasuries
on:recourse
For institutional bu;ers onl;
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3apital Market 'fferin %ttracti
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?ond Market (tratey
?ond financin /as possi0le 0efore closin ?ank and 3% financin
?ank and 3% financin /as scheduled close to mid-Decem0er
?ond marketin started for the first t/o /eeks in Decem0er
Road sho/s as a marketin stratey started in C( and Middle ast
?ond offerin /as into t/o Tranches H (horter tranches for uropean 0anks and lon tranchesfor C( in
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Marketin %ctis nationalstratey to des des ro/th stratey
The increasin utiliation of natural as 0y residential6 commercialand industrial end markets in "orea is a national o0jecti
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3'N3+C(*'N
3apital Markets offerins could 0e attracti
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1uestions for Discussion
A 3ritically e9amine the Ras Gas financin strateyDo you think that the capital markets ha