Yemen LNG Achieves Lenders Completion

Yemen LNG said that it has on November 13 received formal confirmation from its Lenders Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd, that the company has achieved unconditional Lenders’ Completion.

On 19th May, 2008 Yemen LNG entered into project financing loan agreements with a consortium of international banks from Europe to Asia as well as Export Credit Agencies and Sponsors of the Project for loans amounting to some US$2.8 Billion representing 58% of the initial Project costs. The Final Maturity Date for repayment of the loans will be 15 December, 2023. The Yemen LNG Project is the largest, by far, world scale industrial project in Yemen’s history to date.

This marks a very significant milestone for Yemen LNG and the Republic of Yemen and it confirms that all facilities necessary for the Yemen LNG Project have been constructed and are operating in accordance with the strict parameters laid down by the Project loan documents. ‘Completion’ also means that the project debt is now fully non-recourse to the Sponsors of the Project which are the Shareholders and their head offices.

Construction and commissioning of the Yemen LNG Project was overseen by Total Yemen LNG Company Ltd., the Lead Shareholder, with 39.62%; the other Shareholders in the Project are: Yemen Gas Company (16.73%) ; Yemen Hunt LNG Company L.L.C., (17.22% ; SK Innovation (9.55%) ; Korea Gas Corporation (6.00%) ; Hyundai Yemen LNG Company Limited (5.88%) and the General Authority for Social Security and Pensions (5.00%).

The External Lenders are : JBIC, K-Exim, COFACE Lender Banks – The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Citibank N.A., London Branch, ING Belgium S.A., Succursale en France, The Royal Bank of Scotland plc., Société Générale, Sumitomo Mitsui Banking Corporation Europe Limited, Mizuho Corporate Bank, Ltd., K-Exim Lender Banks – The Bank of Tokyo- Mitsubishi UFJ, Ltd., BNP Paribas, Citibank, N.A., London Branch, ING Bank N.V., The Royal Bank of Scotland plc., Société Générale, Sumitomo Mitsui Banking Corporation.

NEXI Lender Banks – The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Tokyo Branch, Citibank Japan Ltd., ING Bank N.V., Tokyo Branch, The Royal Bank of Scotland plc, Tokyo Branch, Société Générale, Tokyo Branch, Sumitomo Mitsui Banking Corporation, Uncovered Lender Banks – The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, CALYON, Citibank, N.A., London Branch, ING Bank N.V., The Royal Bank of Scotland plc., Société Générale, Sumitomo Mitsui Banking Corporation.

Initial TOTAL Sponsor Lenders – The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, CALYON, Citibank International plc., ING Bank N.V., The Royal Bank of Scotland plc., Sumitomo Mitsui Banking Corporation, Société Générale.

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LNG World News Staff, November 20, 2012; Image: Yemen LNG