Australia Pacific LNG reports that the final tests relating to the liquefaction trains project financing completion agreements have been satisfied. Satisfying the final test for both LNG trains means that Australia Pacific LNG shareholders, namely ConocoPhillips (37.5%), Origin Energy Limited (37.5%) and Sinopec (25%) are now released from their obligations under the completion guarantees relating to the project finance facility.
The US$8.5bn will be financed by loans from US EXIM, China EXIM and a consortium of Australian and international banks.
The company processes gas from the Surat and Bowen basins, operated by Origin Energy. The first 4.5 Mt/year train started producing gas in December 2015 and the whole project was officially commissioned in March 2016. The LNG production from the second train started in October 2016 and the facility has now reached its nominal capacity of 9 Mt/year. Around 20% of the Australian east coast gas market has been supplied by the project via numerous long term gas supply agreements.
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