Ex-Im Bank guarantees $930 million to support Qatar LNG plant

By OGJ editors

HOUSTON, Nov. 24 -- The US Export-Import Bank (Ex-Im Bank) approved a loan guarantee of as much as $930 million to support the export of US goods and services to Qatar Liquefied Gas Co. Ltd. II (Qatargas II) for construction of an LNG project and related offshore and onshore facilities in Qatar.

The transaction is structured as a limited recourse project financing, a type of private financing where repayment is based on project revenues. Qatargas II is a special purpose company owned by Qatar Petroleum 70% and ExxonMobil Corp. 30%.

Ex-Im Bank's support covers a portion of the 15.6 million tonne/year LNG project, which is expected to cost a total of more than $7 billion.

The project involves production of natural gas from North field off Qatar and construction of two gas liquefaction units, offtake infrastructure at Ras Laffan Industrial City, LNG ships, and an LNG regasification terminal at Milford Haven, UK.

Ex-Im Bank has supported two previous Qatar LNG projects—the Qatargas and Ras Laffan projects—both in 1996.

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