INPEX CORPORATION has announced today that the INPEX-led Ichthys LNG Project has finalized arrangements for US$20 billion in project finance loans including those with eight export credit agencies (ECAs) and 24 commercial banks.
The Ichthys project financing is the biggest project financing ever arranged in the international financial market.
The project finance credit facilities are comprised of direct loans from ECAs, ECA insured or guaranteed commercial loans, commercial loans from 24 commercial banks and senior sponsor loans from the Ichthys LNG Project participants. Direct loans from ECAs include US$5 billion direct loans from Japan Bank for International Cooperation (JBIC) and US$2.75 billion loans insured by Nippon Export and Investment Insurance (NEXI).
EPC works
Currently, INPEX is working mainly on the detail design and material procurement for the various onshore and offshore facilities.
Onsite work is making a progress in Darwin, such as the site preparation work for the onshore LNG plant. Also, dredging work in Darwin Harbor and manufacturing of the pipes for gas export pipeline are ongoing.
The progress rate of overall EPC works is at approximately 9% as of the end of October 2012, which is on schedule.
More info
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Press Release, December 18, 2012