Jul. 3. 2008
Marubeni Corporation (“Marubeni”) announced that PERU LNG(*) has secured US$2.25 Billion in loans from third party credit agencies to finance the construction of the PERU LNG project on 26th June, 2008.
The project financing comprises loans from the Inter-American Development Bank (IADB), International Finance Corporation(IFC), Export-Import Bank of the United States(US Ex-Im Bank), The Export-Imort Bank of Korea(K-Exim Bank), the Italian Export Credit Agency SACE, Societe Generale, BANCO BILBAO VIZCAYA ARGENTARIA SA(BBVA), Calyon Corporate and Investment Bank, Sumitomo Mitsui Banking Corporation, ING Bank NV, Mizuho Corporate Bank Ltd and The Bank of Tokyo-Mitsubishi UFJ Ltd. Peru LNG expects to complete its financing process later this year with the close of its bonds coming from Peruvian capital markets.
The Natural gas feedstock will be supplied from Camisea gas field through the 408 kilo-meter pipeline owned by PERU LNG and processed at LNG Plant located at Pampa Melchorita area, about 170 kilo-meter south of Peruvian capital Lima. The total project cost is estimated approximately US$3.8 Billion and the production capacity will be 4.4 million metric ton per year. The construction is on schedule and initial deliveries of LNG are anticipated in the first half of 2010. The LNG will be purchased by Repsol YPF through its gas marketing subsidiary under the 18 years sale and purchase agreement.
Marubeni will proactively pursue the opportunities for a new acquisition of LNG projects in order to further enhance their capacity of securing natural energy resources, also, through PERU LNG project, Marubeni will continually make efforts for the economic and sustainable development of Peru.
(*)Partnership : Hunt Oil Company (50%) of the United States, SK Energy (20%) of South Korea, Repsol YPF (20%) of Spain and Marubeni (10%) of Japan