Malaysian company secures credit line for project in Angola

30 December 2015

The Armanda Cabaca company, a subsidiary of Malaysian group Bumi Armada, has secured a credit line of up to US$1.12 billion with a banking syndicate to partially fund a project in Angola, the group said in a statement.

The banking syndicate is led by the Oversea-Chinese Banking Corporation of Singapore and Sumitomo Mitsui Banking Corporation of Japan, and its members include the Korean Development Bank, the National Bank of Abu Dhabi, Societe Generale and Standard Chartered.

According to the press release, the credit line is intended to secure the contract awarded to Armada Cabaca in August 2014 to build a floating production, storage and offloading unit (FPSO) for ENI Angola, a subsidiary the Italian oil and gas group ENI.

The group also said the credit line would reimburse the costs and expenses for the acquisition, conversion, transport and installation of the FPSO and related work. (macauhub/AO)