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Supporting KEPCO's Participation in Ichthys LNG Project in Australia
Contributing to Securing Long-Term and Stable Supplies of Energy Resources to Japan through Supporting Japanese Electric Company's Participation in Large-Scale LNG Project

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans

December 19, 2014
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watababe) signed today, a loan agreement*1 totaling up to USD249 million (JBIC portion) with Kansai Electric Power Ichthys E&P Pty Ltd*2, an Australian subsidiary of The Kansai Electric Power Company, Incorporated (KEPCO), for promoting to secure and develop the long-term and stable supply of energy resources to Japan. The loan is cofinanced with private financial institutions with the overall cofinancing amount reaching USD356 million.
     
  2. In this project, INPEX CORPORATION (INPEX), TOTAL S.A., a French company, CPC Corporation, a Taiwanese company, Tokyo Gas Co., Ltd., Osaka Gas Co., Ltd., KEPCO, Chubu Electric Power Co., Inc., and TOHO GAS Co., Ltd. will develop the Ichthys Gas and Condensate*3 Field off the northwest coast of Western Australia; transport the produced gas through subsea gas pipelines to the onshore liquefaction plant to be built in Darwin, Northern Territory; and produce and sell liquefied natural gas (LNG; annual production capacity: 8.4 million tons), liquefied petroleum gas (LPG) and condensate, according to the ratio of interests, through Ichthys LNG Pty Ltd, in which all these companies have indirect equity stakes corresponding to their interest in this project.
     
  3. This loan is intended to finance the acquisition and development of 1.2% interest in the natural gas and condensate field and liquefaction facilities of this project. In addition to this participation in the project, KEPCO has the long-term LNG offtake agreement for 800 thousand tons peryear (for 15 years starting 2017) from this project. Thus, this loan is expected to contribute to the energy security of Japan through supporting the securing of interests in energy resources by Japanese companies.   
     
  4. As Japan's policy-based financial institution, JBIC will continue to support Japanese companies for promoting the development and acquisition of energy resources, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
Note
  1. *1 JBIC has signed following loan agreements relating to this project. Up to USD141 million (JBIC portion) with Tokyo Gas Co., Ltd., on Nov 21, 2012, up to USD68.6 million (JBIC portion) with Osaka Gas Ichthys Pty Ltd, a wholly-owned Australian subsidiary of Osaka Gas Co., Ltd. on Dec 4, 2012, up to USD5 billion (JBIC portion) with Ichthys LNG Pty Ltd., on Dec 18, 2012, and up to JPY7.5 billion (JBIC portion) with Chubu Electric Power Co., Inc. on May 27, 2013. For details, see the following press releases dated December 18, 2012, December 18, 2012, December 18, 2012, and May 27, 2013.      
  2. *2 Kansai Electric Power Ichthys E&P Pty Ltd is a wholly-owned subsidiary of Kansai Electric Power Holdings Australia Pty Ltd, which is wholly-owned by KEPCO.
  3. *3  Condensate is hydrocarbon obtained in the process of extracting and refining natural gas and condenses into hydrocarbon fluids at ordinary temperature and under normal pressure. It has lighter density than ordinary crude oil and can be refined into such petroleum products as gasoline, diesel oil, jet fuel and naphtha.

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