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


<< May 2019 >>
29 30 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 31 1 2

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >