Nigerian gas firm gets S.Korean loan

March 20, 2013 at 7:28 AM

SEOUL, March 20 (UPI) -- South Korean Export-Import Bank Wednesday announced a $360 million loan to Nigeria LNG, gas exporter of the state-owned Nigerian National Petroleum Corp.

The loan will have a maturity of 9.5 years.

The transaction comes under the state-owned South Korean bank's program of providing export credit and guarantee programs to support Korean exporters.

In January, Nigeria LNG, a leading liquefied natural gas exporter, signed a contract with two South Korean shipyards -- Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. -- for six LNG vessels worth $1.3 billion, Yonhap News reported.

The South Korean bank said an additional $360 million in loans will come jointly from Korea's state-run trade insurance firm K-sure and Korea Finance Corp.

The announcement said the loans would allow Korean exporters to win more deals in Africa.

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