Australia Pacific LNG project finance tests complete

Australia Pacific LNG project finance tests complete

Australia Pacific LNG said the final test relating to project financing completion agreements for the two liquefaction train at its export plant on Curtis Island have been satisfied. 

Australia Pacific LNG executed a $8.5 billion project finance facility in May 2012, comprising loans from US EXIM, China EXIM and a consortium of Australian and international banks. This financing provided funding for the LNG facility component of the Australia Pacific LNG project.

With the final test for the two liquefaction trains satisfied, the APLNG shareholders ConocoPhillips, Origin and Sinopec are released from their obligations under the completion guarantees relating to the $8.5 billion project finance facility.

CEO Warwick King said the final two-train lenders test included an operational component which the LNG Facility passed comfortably, operating at ten per cent above nameplate capacity for a 90-day period.

Australia Pacific LNG has been operating both trains since October 2016 and in the seven months to 31 July had loaded 72 cargos to international customers, predominantly under long term sale and purchase agreements with Sinopec and Kansai Electric.

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