PNG LNG project reaches financial completion

ExxonMobil, operator of the PNG LNG project said the project has achieved financial completion, by satisfying all of the financial completion tests set forth in the project’s financing arrangements.

“This is an important milestone in the project’s history. We shipped our first LNG cargo months ahead of schedule and have now achieved financial completion,” said Andrew Barry, ExxonMobil PNG Managing Director.

Barry added that, with the successful achievement of this important milestone, completion guarantees will be released, loan repayments will commence, and co-venture distributions will be permitted according to the terms of the financing agreements.

Financing for the project was provided by a consortium of banks and export credit agencies, company said in a statement.

The PNG LNG project has shipped 65 LNG cargoes to its customers so far.

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Image: Oil Search

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