Inpex Completes Refinancing Part of Ichthys Funding

Yuka Obayashi
Tuesday, June 16, 2020

Japan's Inpex Corp said on Tuesday it has completed the previously launched refinancing of part of the funding for the Ichthys liquefied natural gas (LNG) project in Australia.

Announcing a deal with seven export credit agencies and 28 commercial banks aimed at improving borrowing conditions, Inpex said it launched the refinancing in March after Ichthys achieved financial completion in December 2019 and was now continuing stable production.

Outstanding loan balance amounts to about $15.6 billion as of June 2020, of which the refinancing, which took effect on Monday, covered $8.3 billion, Inpex said.

The refinancing is aimed at reducing the financial burden of the borrower Ichthys LNG Pty Ltd and is part of Inpex cost reduction initiatives launched in response to the decline in oil prices, it said. The impact on Inpex's financial results is minimal, according to the statement.

A company spokeswoman declined to give details of refinancing conditions.

The company has shipped a total of 47 LNG cargoes from Ichthys during January-May this year, up from 36 cargoes during the same period a year ago, the spokeswoman said. An average LNG cargo carries about 70,000 tonnes of LNG, she added.

(Reporting by Yuka Obayashi; Editing by Kenneth Maxwell)

Categories: Energy LNG Activity Gas Australia/NZ

Related Stories

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Jadestone Submits Field Development Plan for Assets Off Vietnam

Woodside Inks Long-Term LNG Supply Deal with China Resources

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

ADNOC Secures LNG Supply Deal with India's BPCL

Initial Drilling Results Raise Questions on South Korea’s Offshore Gas Viability

Japan's Mitsui Eyes Alaska LNG Project

Current News

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com