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Australia Pacific LNG satisfies final project finance test

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LNG Industry,

Australia Pacific LNG has announced that it has satisfied the final test relating to project financing completion agreements for both processing trains at its LNG facility on Curtis Island, Queensland, Australia.

In May 2012, the company executed a US$8.5 billion project finance facility, consisting of loans from US EXIM, China EXIM, and a consortium of both Australian and international banks. This financing provided funding for the LNG facility part of the project.

The satisfaction of the final test for both trains means that Australia Pacific LNG shareholders ConocoPhillips, Origin and Sinopec are now released from their obligations under the completion guarantees relating to the US$8.5 billion project finance facility.

Warwick King, CEO, said that the final two-train lenders test included an operational component, adding that the LNG facility passed this test comfortably, operating at 10% above nameplate capacity for a period of 90 days.

King said: “All aspects of the upstream and downstream parts of our business – from the wells, through the upstream gas facilities and pipeline, to the LNG facility – have delivered outstanding performance.

“This is a fantastic achievement, and I thank our operators and the thousands of people who have worked so hard to deliver this excellent result.”

Both trains at Australia Pacific LNG have been successfully operating since October 2016. In the seven months up to 31 July, they had loaded 72 cargoes, which were shipped to customers globally, largely under long-term sale and purchase agreements with Sinopec and Kansai Electric.

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