Standard & Poors plays up RasGas bond rating

Vol 4, PW 2 (01 Mar 00) News in Brief

US rating agency Standard & Poors has praised Qatars Ras Laffan Liquefied Natural Gas (RasGas) for its two contracts in India.

In a statement released 16th February S&P said RasGas's 7.5m t/y Sales & Purchase Agreement (SPA) with Petronet-LNG and its 2.6m t/y Heads of Agreement (HOA) with Dakshin Bharat Energy Consortium are behind its decision to affirm a Triple-'B'-Rating on the company's debt. In a note of caution, S&P said: "A potential Middle East conflict could temporarily impair LNG deliveries." The release confirms that RasGas's, overall facility is virtually complete, with Train 1 operational since June 1999.

It adds that by 31st December 1999, offshore Train 2 was 100% complete, and onshore Train 2 facility was 99.79% complete.