Japanese energy company Inpex has signed about $20bn project finance loans to fund the Ichthys liquefied natural gas (LNG) project in Australia.
The arrangements were made with eight export credit agencies (ECAs) and 24 commercial banks, including largest contribution from Japan Bank for International Cooperation (JBIC), which is providing $5bn in direct lending.
The Ichthys LNG project will use gas from the Ichthys field in the Browse Basin offshore Western Australia that is transported to an onshore liquefaction plant in Darwin, through an 889km sub-sea pipeline.
Scheduled to begin production by the end of 2016, the project will have an annual output of 8.4 million tonnes at its peak.
Inpex has nearly 66% stake in the project. Other stakeholders in the project are France-based Total, Tokyo Gas, Osaka Gas, Chubu Electric Power, and Toho Gas.