Speaking today, Stuart Fysh, BG Group's Executive Vice President and Managing Director of the Mediterranean Basin and Africa said: "Securing this financing on such competitive terms illustrates the international financial community's continued confidence in the world class Egyptian LNG project and, more broadly, Egypt's growing energy sector. Egyptian LNG project will contribute to Egypt's position as a leading global LNG exporter by 2006 and the experience in financing both Trains One and Two will assist as we consider further development of the Idku facilities."
The debt facilities comprise:
The guarantee facilities support two $US144 million 20 years EIB loans provided under the Article 18 and Euromed mandates.
The transaction has been successfully oversubscribed with 22 International Mandated Lead Arrangers securing the international tranche and four Egyptian Mandated Lead Arrangers for the local tranche.
Partners in Egyptian LNG Train Two include; BG Group (38%), PETRONAS (38%), the Egyptian Natural Gas Holding Company (12%), the Egyptian General Petroleum Corporation (12%). Egyptian LNG Train Two is due to produce its first LNG cargo before the end of 2005. The BG operated Sapphire field in the West Delta Deep Marine Concession, which is due to produce first gas in the third quarter of 2005, will supply gas to Train Two. The entire 3.6 mtpa output has been sold to BG Gas Marketing.
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