BGC is a public/private joint venture between the Iraqi Ministry of Oil through its subsidiary South Gas Company (51%), Royal Dutch Shell plc (“Shell”) (44%) and Mitsubishi Corporation (“Mitsubishi”) (5%).

South Gas Company is wholly-owned by the Iraqi government. It previously owned and operated the natural gas infrastructure in southern Iraq, which was transferred to BGC at its inception.

Shell is an international, vertically integrated energy company with expertise in oil, gas and low carbon energy. Shell is the third largest company in the world as measured by its 2018 revenues and the largest listed on the London Stock Exchange (LON: RDSA).

Mitsubishi is a global, integrated company with activities in 90 countries across a wide range of industries, from natural gas and mineral resources to automotive, food, power solutions and urban development. Mitsubishi has a primary listing on the Tokyo Stock Exchange (TYO: 8058).

The BNGL project cost is estimated at US$1 billion over the next 5 years. IFC’s proposed investment consists of a US$400 million Green Loan which will include an A loan of up to US$200 million for IFC’s own account, a loan under IFC’s Managed Co-Lending Portfolio Program (“MCPP”) and up to US$200 million in mobilization from commercial banks. The remainder will be funded by operating cash flows.

IFC’s proposed investment has been certified as a Green Loan. The external reviewer has confirmed that the use of proceeds is aligned with the Green Loan Principles 2018. In addition, it has also been classified as Climate-related by IFC in accordance with the IFC Definitions and Metrics for Climate Related Activities and the Joint Multilateral Development Banks’ Methodology for Climate Finance Tracking. According to publicly available information, this would be the first Green Loan in Iraq, and also likely be the first Green Loan globally dedicated to gas flaring reduction.

BGC’s operations are located throughout the Basrah province in southern Iraq.