BP consortium secures $2.6 billion loans for Tangguh project
Monday, July 31 2006 - 03:54 AM WIB
British energy giant BP PLC and its partners has secured US$2.6 billion loans for the development of the Tangguh LNG project in Papua.
?The financing agreement will be signed tomorrow (Tuesday),? Kardaya Warnika, the head of oil and gas upstream regulator BP Migas, said on Monday.
The Tanguh LNG consortium led by BP will get loans from Japanese agency JIBC, Asian Development Bank (ADB) and several financial firms, including some from Japan, according to Kardaya.
The funds will be used to finance the development of three gas blocks that will supply natural gas to the Tangguh LNG plant, that is Berau, Muturi and Wiriagar, as well as the development of the LNG plant.
The consortium will build two LNG trains with a combined capacity of 7.6 million tons per year, using the funds, Kardaya explained. (Godang)