Operational test period ends: Exxon

webmaster Business, Normal
Source:

The National, Tuesday January 20th, 2015

 EXXONMOBIL PNG Ltd yesterday said the PNG LNG Project’s 120-day operational test period, which started last September, has successfully concluded. 

The US oil and gas giant said that was just one of several tests required, and was an important milestone towards satisfaction of the financial completion tests set forth in the project’s financing arrangements.

After financial completion has been achieved, guarantees will be released, loan repayments will commence, and co-venture distributions will be permitted. 

ExxonMobil said financing for the multi-billion kina project was provided by a consortium of banks and export credit agencies.