Banks back Qatar GTL project

BANKERS ARE increasingly optimistic that the financial challenges facing gas-to-liquids (GTL) projects will be overcome, as capital costs fall and oil companies look for ways to monetise their gas reserves. Speaking at a February conference on GTL, organised by IBC, project financier Patrick Barr, of ANZ Investment Bank's oil and gas unit, said bankers are becoming increasingly comfortable with GTL risk. The basis for the economics is pretty sound. GTL margins are much better than for oil refining, where the historic trend is going down and down. Banks will be looking with eager interest at the debut commercial financing of a world-scale GTL project, for the planned 34,000 barrels a day Oryx