Dolphin Plans $1 Billion Bond Sale to Repay Debt, MEED Reports

By Arif Sharif

Dec. 14 (Bloomberg) -- Dolphin Energy Ltd., a joint venture between Abu Dhabi, Total SA and Occidental Petroleum Corp. plans to raise $1 billion by selling bonds, the Middle East Economic Digest reported, citing unidentified bankers.

The deal, which will help refinance $3.45 billion of existing debt, is expected to be announced in late January and to close by April, the London-based weekly magazine said. If investor sentiment in bond markets remains poor, the sale will be postponed to later in 2009 and other forms of financing used as a bridge, the magazine reported.

Dolphin supplies natural gas from Qatar to the United Arab Emirates and Oman.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net