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EWC draws down approximately US$32 million for LNG hub in the Philippines

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LNG Industry,

According to its listing on the Australian Securities Exchange website, Energy World Corp. Ltd (EWC) has announced that it has achieved a drawdown of funds of approximately US$32 million under the financing document (Omnibus Loan and Security Agreement) for its LNG hub terminal in Pagbilao in the Philippines. The financing documentation for the hub was completed earlier in the year. A tap facility of a further US$43 million (approximately) for future noteholders is provided for by the Corporate Notes Facility.

The funds under the hub financing will allow for phase one of the hub, as well as the associated marine facilities, to completed. The company added that it will continue to work on the drawdown of funds under the power financing facility that was previously signed.

EWC claims that this is an important milestone in the programme to bring LNG for power generation, industrial use, city gas and road transport to the Philippines.

Edited from various sources by David Rowlands

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Philippines LNG news