AGDC picks Alaska LNG capital coordinators

The Alaska Gasline Development Corporation (AGDC) engaged Bank of China and Goldman Sachs as global capital coordinators for the Alaska LNG project.

In November 2017, Bank of China along with China Petrochemical Corporation (Sinopec) and CIC Capital signed a joint development agreement with AGDC to collaborate on the advancement of Alaska LNG.

Bank of China and Goldman Sachs will assist AGDC with raising equity and debt financing for the development of Alaska LNG, AGDC said in a statement.

The investment banks and AGDC anticipate raising the funds in multiple rounds, which will include offerings to Alaska residents, Alaska municipalities, Alaska Native Corporations, and private equity sources.

Initial equity will be raised to meet AGDC’s working capital requirements and subsequent funding rounds will be used to fund full-scale development of Alaska LNG, once the project has received all necessary approvals.

Alaska LNG project includes a gas treatment plant located at Prudhoe Bay, an 807-mile pipeline to Southcentral Alaska with offtakes for in-state use and a 20 million ton per annum natural gas liquefaction facility in Nikiski that will produce LNG for export.

Earlier this month, the United States Federal Energy Regulatory Commission said it plans complete its final environmental review statement for the Alaska LNG project on December 9, 2019, bringing the project closer to the final investment decision.

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