The Barzan Gas Project was the world's largest project financing deal completed in 2011, with a value of US$9.8bn, according to Dealogic, a company that provides support and information systems and services to the financial sector. Dealogic produces quarterly and annual reports and rankings on project finance.

The Barzan project reached financial close in December 2011. According to QNB Capital, it involves onshore and offshore gas processing facilities, which will produce 1.4bn cubic feet of sales gas per day when completed in 2015. The gas will be used to supply Qatar's growing domestic energy demand.

Top Ten Global Project Finance Deals in 2011 (US$bn)

Globally, the total value of projects was US$405bn, a 13.2% increase on 2010. The increase in the value of projects was driven by strong growth in the energy sector, particularly the power sector, which grew by 23% on 2010 to US$89.4bn.

India topped the Dealogic rankings with US$87.7bn of project finance deals in 2011. According to QNB Capital, over half of these projects were in the energy sector as India is on a drive to increase power generation to meet strong domestic energy demand. A great deal of investment is also going into the development of infrastructure in India. The largest project financing deals in the country in 2011 were for the Vedanta Aluminium Refinery Refinancing (US$4.7bn) and the Hyderabad Metro Rail Project (US$3.6bn).

Australia ranked second with US$36.8bn of projects in 2011, boosted by deals to finance two coal export terminals worth US$6.6bn. The US ranked third with US$33.5bn of projects.

Top 15 Countries for Project Finance in 2011
(US$bn, % of global total in brackets)

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The Barzan project alone has pushed Qatar up the global rankings for project financing to 12th place, just behind China and Saudi Arabia but ahead of Turkey and Singapore. The Barzan project accounted for 2.4% of total global project financing deals in 2011.

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