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Project Financing for Procurement of LNG Tanker
Support for Strengthening of the Value-chain of Long-term LNG Supplies

  • Region: Oceania
  • Energy and Natural Resources
  • Marine and Aerospace
  • Overseas Investment Loans
  • Project Finance

March 16, 2015
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on March 13, a loan agreement in project financing*1 up to approximately USD87 million (JBIC portion) with Panama-registered Oceanic Breeze LNG Transport S.A. (OBLT), a joint venture between Kawasaki Kisen Kaisha, Ltd. and INPEX SHIPPING CO., LTD., which is wholly-owned by INPEX CORPORATION (INPEX). The loan is cofinanced with Mizuho Bank, Ltd. and Mitsubishi UFJ Trust and Banking Corporation, bringing the overall cofinancing amount approximately to USD125 million.
     
  2. This loan is intended to finance OBLT to procure the liquefied natural gas (LNG) tanker for transporting LNG produced mainly from the Ichthys LNG project*2 led by INPEX in Australia.
     
  3. This loan supports the effort toward strengthening of energy value-chain by such Japanese companies from participating in LNG projects to transporting LNG, and will contribute to securing the long-term and stable supply of LNG that is increasing in importance in recent years as fuel for thermal power generation, applying the know-how of Japanese shipping companies.
     
  4. As Japan's policy-based financial institution, JBIC will continue to financially support the promotion of acquisition and development of energy resources by Japanese companies, by drawing on its various financial facilities and schemes for structuring projects, and 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. *2 Relating to the Ichthys LNG project, JBIC signed loan agreements on November 21, 2012, with Tokyo Gas Co., Ltd. upto USD141 million (JBIC portion), on December 4, 2012, with Osaka Gas Ichthys Pty Ltd, a wholly-owned Australian subsidiary of Osaka Gas Co., Ltd. upto USD 68.6 million (JBIC portion), on December 18, 2012, with Ichthys LNG Pty Ltd upto USD 5 billion (JBIC portion), on May 27, 2013, with Chubu Electric Power Co., Inc. upto JPY7.5 billion (JBIC portion) and on December 19, 2014, with Kansai Electric Power Ichthys E&P Pty Ltd, a wholly owned  Australian subsidiary of The Kansai Electric Power Company, Incorporated upto USD249 million (JBIC portion), respectively. See the following press releases on December 18, 2012, May 27, 2013, and December 19, 2014.

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