BGC and Bank Islam mark significant milestone in Brunei’s maritime history

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Mohd Amin Liew Abdullah as the guest of honour of the Brunei Gas Carriers Sdn Bhd and BIBD refinancing ceremony. - MOFE

BANDAR SERI BEGAWAN (Borneo Bulletin/Asia News Network): Brunei Gas Carriers Sdn Bhd (BGC) on Tuesday (Sept 26) reached yet another milestone with the refinancing of its esteemed fleet vessels, Arkat and Amali where for the first time a local bank – Bank Islam Brunei Darussalam (BIBD) – is the sole financier of approximately US$149 million for the two vessels.

In celebration of the milestone, the refinancing event for Arkat and Amali was graced by Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Mohd Amin Liew Abdullah.

BGC managing director Captain Abdul Mateen Abdurrahman Liew said, “With unwavering dedication and diligent efforts, we have achieved a remarkable milestone in the maritime industry. This marks the first occasion where a local bank has provided a single lender financing for our fleets.

“This remarkable achievement solidifies our position as a prominent force within the marine time sector and we take great pride in this accomplishment.”

The refinancing of the Arkat and Amali vessels, he explained, “makes a significant contribution to the local economy. Not only does this agreement benefit the nation as a whole but it also aligns with Brunei Vision 2035 which aims to establish a dynamic and sustainable economy for the country.

“This event serves as a testament to the spirit of innovation, resilience and adaptability that defines our organisation”.

Meanwhile BIBD Managing Director and Chief Executive Officer (CEO) Junaidi bin Haji Masri said, “Today’s event marks more than just a financial transaction; it is a symbol of trust and collaboration that exists between BIBD and BGC. Today’s milestone underscores the strength and longevity of our partnership, representing yet another chapter in our shared commitment to support Brunei’s economic prosperity and development.”

He added, “BGC’s core business as the national liquified natural gas carrier plays a vital role in Brunei’s economic landscape. We are indeed humbled and honoured to play a role in facilitating Brunei’s economic development, recognising the pivotal role that BGC plays.”

Beyond banking, he highlighted, “we aspire to further strengthen our partnership, explore new horizons together and contribute to the sustainable growth of Brunei’s economy.

“BIBD remains committed to being your trusted partner on this journey, guided by our roots of the Maqasid Syariah and driven by our shared dedication to sustainability.”

Also in attendance were representatives from Mitsubishi Corporation, Brunei Shell Petroleum Company, Brunei LNG, Petroleum Authority of Brunei Darussalam and Darussalam Assets.