Origin Secures $8.5 bn for Australia LNG Project

Origin Energy Limited has secured $8.5 billion project finance facility from a clutch of domestic and international commercial banks and export credit agencies for its JV, Australia Pacific LNG project.

The agreement was signed between Australia Pacific LN, the Export-Import Bank of the United States, The Export-Import Bank of China and a syndicate of domestic and international commercial banks.

The project finance facility provides funding for the downstream parts of the project, including the liquefaction facilities on Curtis Island near Gladstone in Queensland, and will underpin the development of Australia Pacific LNG's CSG to LNG project, the company said in a statement.

"Substantial progress continues to be made by Australia Pacific LNG across all areas of the CSG to LNG project and we remain on track to take a final investment decision on the second phase of the project by mid-2012,” Origin Managing Director, Mr Grant King said.

The project on schedule and budget to deliver first gas in 2015, as expected, King said.