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APLNG satisfies Train 1 project finance tests

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LNG Industry,

Australia Pacific LNG (APLNG) has announced that it has 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, Australia.

APLNG executed a US$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 provided funding for the LNG facility component of the project.

APLNG Chief Executive officer (CEO), Page Maxson said: “With the achievement of this milestone, US$5.1 billion, or 60%, of the completion guarantees provided by Australia Pacific LNG shareholders ConocoPhillips, Origin and Sinopec is released.”

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

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

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