PNG LNG

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The ExxonMobil-led liquefied natural gas project in the Southern Highlands of Papua New Guinea is the world’s largest project finance transaction.

The PNG LNG project will develop and operate an integrated LNG facility, including gas gathering and a conditioning plant, overland and subsea pipeline, a two-train LNG plant and an export terminal near Port Moresby.

We provided a US$350 million loan to the project, joining a syndicate of international export credit agencies and commercial lenders to support Australian exporters.

Our motivation for participating was to help Australian exporters pursue contracts for the construction phase of the project.

The project also has the potential to add considerably to PNG’s economic growth, with substantial royalties and dividends to flow to the Independent State of PNG and landholder groups.

“Efic’s experience in financing large, complex projects and long history supporting resource projects in PNG allowed us to work alongside an international team to ensure Australia’s involvement in this world class project,” said Efic’s Peter Field.

“Efic’s involvement in this transaction demonstrated the complementary role export credit agencies perform when working with commercial banks. The transaction required project finance well beyond the capacity of the private market.”
Peter Field
Executive Director, Origination and Portfolio Management
Efic

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