Atlantic LNG signs loan agreement for Trinidad LNG project

Jul 23, 1997 02:00 AM

July 3, 1997 Atlantic LNG Company of Trinidad and Tobago signed a $ 600 million loan agreement to finance the construction of its LNG export facility at Point Fortin, Trinidad. The agreement, one of the largest project financings ever to be completed in the Caribbean/Latin American Region, was signed in New York on June 30, 1997, by representatives of Atlantic LNG, its sponsors (Amoco, BG , Cabot Corporation, the National Gas Company of Trinidad and Tobago, and Repsol), and the arranging banks (ABN Amro Bank N.V., Barclays Bank PLC, and Citicorp Securities, Inc.).
ABN Amro Bank, Barclays, and Citicorp are in the process of syndicating the credit facility to a group of International banks. The Atlantic financing is partially supported by the Export-Import Bank of the United States and the Overseas Private Investment Corporation.

The Trinidad LNG Project was approved and construction began in the second quarter of 1996. First production is expected in the second quarter of 1999. Shareholders in Atlantic LNG are Amoco Trinidad (LNG) (34 %); British Gas Trinidad LNG (26 %); Repsol International Finance (20 %); Cabot Trinidad LNG (10 %); and NGC Trinidad and Tobago LNG (10 %).

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