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PNG LNG achieves financial completion

LNG Industry,

The ExxonMobil operated Papua New Guinea LNG (PNG LNG) project has successfully achieved financial completion.

All financial completion tests set out in the project’s financing arrangements have been satisfied.

“This is an important milestone in the project’s history. We shipped our first LNG cargo months ahead of schedule, and have now achieved financial completion,” said Andrew Barry, ExxonMobil PNG Limited Managing Director.

“With the successful achievement of this important milestone, completion guarantees will be released, loan repayments will commence, and co-venture distributions will be permitted according to the terms of the financing agreements.”

Financing for the project was provided by a consortium of banks and export credit agencies.

The PNG LNG Project has now shipped a total of 65 LNG cargoes to its customers.

Adapted from press release by Katie Woodward

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