US$263m loan deal signed

Business, Normal

The National, Tuesday 13th December 2011

THE Japan Bank for International Cooperation (JBIC) has signed a US$263 million loan agreement with Nippon Oil Exploration (PNG) Pty Ltd, a subsidiary of JX Nippon Oil and Gas Exploration Corp, for the PNG LNG project.
The loan will be provided jointly with the Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.
The PNG LNG project participating parties include ExxonMobil Corporation, Nippon Oil Exploration Ltd, Oil Search Ltd in PNG, Santos Ltd in Australia and the PNG government.
It planned to produce 6.6 million tonnes of LNG per year, as well as crude oil by developing oil and gas fields in the upstream, laying pipelines and constructing LNG liquefaction facilities.
About onehalf of the LNG produced in the project was expected to be supplied to Japan.