Brunei Gas Carriers (BGC) has received a US$183.6mn Islamic finance facility to fund the acquisition of an LNG vessel. The long-term Istisna-Ijara facility was provided by Bank Islam Brunei Darussalam Berhad, the Bank of Tokyo-Mitsubishi UFJ, HSBC and Sumitomo Mitsui Banking Corporation.

Law firm Watson, Farley & Williams (WFW) advised BGC on the transaction, as well as the shipbuilding contract, shipping services agreements, depot spares agreement and charter documents for the newly-built LNG vessel.

Shahbudin Musa, BGC managing director, says: “This was our second project of 2012 where Islamic financing was used, and closing it in a timely manner was a very satisfying achievement. We’re honoured to be a part of this project and believe it to be a great model with an ever-growing potential in Brunei.”