Atlantic LNG signs loan agreement for Trinidad LNG project
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 %).