Atlantic LNG Concludes Financing for Trinidad LNG Plant

abarrelfullabarrelfull wrote on 16 May 2012 10:48

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2 July 1997

The Atlantic LNG Company of Trinidad and Tobago - in which BG plc is a 26 per cent shareholder - has concluded a US$600 million credit facility for financing the construction of the liquefied natural gas plant at Point Fortin, Trinidad.

The signing took place in New York among Atlantic's sponsors - Amoco Corporation, BG plc, Cabot Corporation, the National Gas Company of Trinidad and Tobago, and Repsol S.A. - and lead financial arrangers ABN AMRO Bank N.V., Barclays Bank plc and Citicorp Securities Inc.

The Atlantic financing is one of the largest project financings ever to be completed in the Caribbean/Latin American region.

Stephen Brandon, Executive Director responsible for BG plc's International Downstream operations said: "The financial closure marks an important milestone in this major international project, and demonstrates the confidence of the financial community in the innovative project arrangements.

"BG is confident that a further train of the export plant will be needed, and we expect to be able to supply gas from our reserves off the north coast of Trinidad."

Last week, Atlantic received the required Trinidad and Tobago government approvals, which enabled the credit arrangements to be completed.

Construction of the Trinidad LNG project began in May 1996, and is on schedule for the first export of LNG in the second quarter of 1999.

Note to editors

The shareholders of Atlantic LNG are: Amoco Trinidad (LNG) BV 34 per cent; British Gas Trinidad LNG Ltd., 26 per cent; Repsol International Finance BV, 20 per cent; Cabot Trinidad LNG Ltd., 10 per cent; and National Gas Company of Trinidad & Tobago LNG Ltd., 10 per cent.

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