APLNG secures $8.5 billion loans

Loans: The facility will be drawn down as APLNG enters its construction phase.

Project finance of $8.5 billion has been secured from export credit agencies and commercial banks for the Australia Pacific Liquefied Natural Gas project, with operators joining rivals in increasingly tapping Export-Import banks for funding.

Australia’s Origin Energy told the Australian Securities Exchange that the Export-Import Bank of China, the Export-Import Bank of the United States and a syndicate of Australian and international banks would provide funding for up to 17 years.

The project finance facility provides funding for the downstream parts of the project and will underpin the development of APLNG’s coalbed methane to LNG project.

China EXIM will loan $2.76 billion under the deal, signing a commitment letter agreeing to the key terms of the project finance facility, expected to mature in 2028, with its signing…

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