Qatar Petroleum says it has lined up financing for a massive $10.4 billion gas project being built with Exxon Mobil despite tough lending conditions caused by the shaky global economy.
The state-run oil company said Tuesday that the Barzan Gas Project will be paid for using equity and some $7.2 billion in bank loans and government-backed export credit funding it has secured.
It says it is one of the oil industry's largest ever financing packages.
The Barzan project is designed to produce up to 1.4 billion cubic feet of gas per day to meet growing domestic demand. It is due start running in 2014.
Qatar sits atop the world's third largest gas reserves. Most of the fuel is destined for export.