About 30 banks are close to signing a 16-year loan for Sempra’s Cameron LNG export project in the amount of $7.5 billion, early next month.
Sources close to the matter told Bloomberg that $5 billion will be supplied by Japan’s three biggest lenders while the rest will be provided by Japan Bank for International Cooperation.
Banks taking part in the deal are reportedly the lending units of Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group from Japan with others like HSBC Holdings or Societe Generale joining in. Sources also claim that Nippon Export and Investment insurance will guarantee $2 billion of the private-sector bank loans.
The liquefaction project in Hackberry, Louisiana will use many of Cameron LNG’s existing facilities, and will be comprised of three liquefaction trains capable of exporting up to 12 Mtpa, or approximately 1.7 billion cubic feet per day of liquefied natural gas.
Construction on the project is planned to start in 2014, with full commercial operation in 2019.
LNG World News Staff, July 24, 2014; Image: Cameron LNG