Fal Oil Signs Loan for Two Tankers
June 6, 2007
Sharjah-based Fal Oil Company recently signed a $102 million agreement with Citi for the financing of two Aframax tankers of 105,000 dwt capacity being built by Korean shipyard Hyundai Heavy Industries, says www.gulfnews.com
The 15-year term loan facility covers 80 percent of the cost of the two tankers and will provide Fal Oil with three-years' pre-delivery and 12-years' post-delivery financing.
The $102 million facility by Citi comes on the heels of a six-year $39 million term loan arranged by the bank for Fal Oil in April towards the financing of two tankers.
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