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Project Financing for Procurement of LNG Tankers to transport LNG
Supporting Acquisition of Interests in LNG Reserves by Japanese Companies

  • Region: Oceania
  • Energy and Natural Resources
  • Marine and Aerospace
  • Overseas Investment Loans
  • Project Finance
NR/2012-65
October 5, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed two loan agreements each amounting up to 11.2 billion Japanese yen (JBIC portion) with TRANS PACIFIC SHIPPING 1 LTD. (TPS1) established in the Bahamas and owned equally by Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha, and with TRANS PACIFIC SHIPPING 2 LTD. (TPS2) also established in the Bahamas, and owned equally by MC and Mitsui O.S.K. Lines, Ltd. These loans, provided in project financing*1, are cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation, with each respective cofinancing amount being 16 billion Japanese yen.
     
  2. These loans are intended to finance TPS1 and TPS2 for procurement of liquefied natural gas (LNG) tankers, which will be built by Mitsubishi Heavy Industries, Ltd. and used by Chubu Electric Power Co., Inc. (Chubu Electric) to transport LNG produced in LNG projects in which Chubu Electric holds the upstream interests. Given the fact that natural gas has been playing an increasingly important role as fuel for power generation, these loans contribute to securing a long-term supply of natural gas to Japan by utilizing the know-how of Japanese shipping companies. 
     
  3. JBIC will continue to actively support the promotion of the development and acquisition of energy resources by Japanese companies by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function.
     
Note
  1. *1 Project finance is a financing scheme in which repayments are made solely from cash flows generated by the project and secured only on the project assets.
  2.  

 

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