Bahrain LNG completed limited recourse financing for the private-public partnership LNG import and regasification project, the first of its kind in the Middle East, LNG World News reported.

A syndicate of nine international and regional banks were lending the $741m it will cost to build the plant and related infrastructure, capable of handling 800mcf/d when complete in 2019. The project includes a nitrogen facility, to lower the calorific value of imports as needed, according to Natural Gas World. The project is being developed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth.

Korea Trade Insurance Corporation (K-SURE) provided commercial and political risk cover for approximately 80% of the financing. Standard Chartered Bank, Arab Petroleum Investments Corporation (APICORP), and the Korea Development Bank acted as pathfinder banks.

The project was awarded to the Teekay LNG-GIC-Samsung consortium in December 2015 by the National Oil & Gas Authority (NOGA) of Bahrain. Furthermore, it will enable Bahrain to procure internationally-traded LNG on a competitive basis.