APLNG clears Train 1 project finance tests

APLNG clears Train 1 project finance tests
Image courtesy of Origin Energy

ConocoPhilips-operated Australia Pacific LNG project satisfied all of the tests set forth in its project financing completion agreements relating to the first of two processing trains at its LNG facility on Curtis Island.

In May 2012, Australia Pacific LNG executed a US$8.5 billion project finance facility with US EXIM, China EXIM and a consortium of Australian and international banks, providing funding for the LNG facility component of the project.

APLNG CEO, Page Maxson said that $5.1 billion, or 60 percent, of the completion guarantees provided by Australia Pacific LNG shareholders ConocoPhillips (37.5%), Origin (37.5%) and Sinopec (25%) is released.

Project finance lenders’ tests relating to Train 2 are on track to be met in the calendar year 2017, at which time the remainder of the shareholder completion guarantees will be released.

As of early October, Australia Pacific LNG is operating both trains and has now shipped 53 LNG cargoes to customers, predominantly under long-term sale and purchase agreements with Sinopec and Kansai.

LNG production from Australia Pacific LNG’s first train began in December 2015 while the second liquefaction train began production earlier this month.

At full capacity, the A$25 billion (US$17 billion) LNG project will be producing 9 mtpa of the chilled fuel.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >