The Inpex-operated Ichthys LNG project in Australia has achieved financial completion under its project financing framework, thereby releasing Inpex and its joint venture partners from completion guarantee obligations to lenders corresponding to their respective participating interests in the project.
Inpex said last Friday that financial completion was contingent upon the satisfaction of all components of a 90-day financial completion test that evaluates the performance of the natural gas liquefaction plant, including the cumulative production volume calculated over the 90-day period as well as operational continuity.
The project’s 90-day financial completion test ended successfully on December 7, 2019, with no shutdowns, having recorded a production volume well exceeding figures stipulated in the project financing contract.
According to the company, the time span of approximately 14 months from the project’s start of LNG shipment in October 2018 until financial completion was shorter than the average for LNG projects of a similar scale.
Approximately 70% of the LNG produced is scheduled to be supplied to Japanese customers.
Ichthys LNG is led by Inpex (operator, 62.245%) alongside major partner Total (26%) and the Australian subsidiaries of CPC Corporation Taiwan (2.625%), Tokyo Gas (1.575%), Osaka Gas (1.2%), Kansai Electric Power (1.2%), JERA (0.735%) and Toho Gas (0.42%).
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