Project Financing of Qatargas II A

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IPTC 10948 Project Financing of Qatargas II A. Fleming, ExxonMobil Corp., and R.J. Minyard, ExxonMobil Development Co. Downloaded from http://onepetro.org/IPTCONF/proceedings-pdf/05IPTC/All-05IPTC/IPTC-10948-ABSTRACT/1844824/iptc-10948-abstract.pdf/1 by guest on 25 September 2021 This abstract was prepared for presentation at the 2005 International Petroleum Technology Conference held in Doha, Qatar, 21–23 November 2005. Abstract In December 2004, the Qatargas II joint venture between Qatar Petroleum (70%) and ExxonMobil (30%) completed the $7.6 billion financing for the integrated project to supply LNG from Qatar to the United Kingdom. The landmark financing, involving 57 lenders, is the largest ever energy project financing. It provided the funds to execute the complex project which involves the development of offshore wells, production platforms, pipelines and natural gas liquefaction facilities in Qatar; construction of the South Hook import terminal at Milford Haven in South Wales; and the sales and marketing of the gas by the winter of 2007/8. The financings, which set several new benchmarks in their pricing and other terms, also mark a number of firsts in energy industry project financing. These include: - The first LNG financing where the entire chain from wellhead to terminal has been developed by the same partners throughout and funded through integrated financings. - The largest long-term Islamic project financing. - At 25 years, the South Hook Terminal financing is the longest sterling bank energy transaction without government or mono-line credit support. The presentation will cover some of the key elements that resulted in the award winning financing including the: - The challenge of financing the entire value chain from wellhead to terminal - Early development of successful Standard Financing Conditions (Term Sheet) - Importance of coordinating project agreements and financial agreements - Structuring for future business flexibility - Market reception for Qatar project debt .

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