Iraq’s Cabinet on 2 April approved $3.246bn sovereign ‘loan’ guarantees (inclusive of interest) to lending banks that will cover Halfaya Gas Co’s planned 300mn cfd Nahr Bin Umar development in Basra province (MEES, 8 December 2023). This replaces previously-approved sovereign ‘payment’ guarantees.
As opposed to only guaranteeing state payment for produced gas, the government will instead be held liable for 11 years for loans taken up by Halfaya Gas, which is a subsidiary of local firm Raban Al-Safina for Energy Projects (Rasep). (CONTINUED - 154 WORDS)
