Nigerian Liquefied Natural Gas (NLNG) has secured ship financing believed to be worth US$1.3bn.

GTR can confirm that the Export-Import Bank of Korea (Kexim) signed the deal in London yesterday (27 March) and that it contributed US$360mn to the package.

South Korean ECAs, including K-sure and the Korea Finance Corporation provided cover for the deal, which will be used to purchase six LNG vessels from two Korean shipyards, Samsung Heavy Industries and Hyundai Heavy Industries.

GTR understands that the deal was led by BNP Paribas and involved a number of commercial banks.

Korean news agency Yonhap reports that the Korean portion of the deal has a tenor of 9.5 years.