British’s BP acquires Spain’s Repsol stake in Indonesia LNG plant for $313m
JAKARTA (TheInsiderStories) -British oil & gas firm BP acquired 3.06 percent stake in the Tangguh liquefied natural gas (LNG) project in Indonesia for more than US$313 million dollars and it takes the company’s stake to just over 40 percent.
Repsol said in a statement that the transaction would generate $26million in pre-tax capital gains.
Tangguh LNG project is located in Bintuni Bay, West Papua province and consists of offshore gas production facilities supplying two 3.8 million tonnes per annum (mtpa) liquefaction trains that have been in operation since 2009.
BP and the other partners in Tangguh plan to build a third train at the facility with capacity 3.8 mtpa of production capacity to the existing facility, bringing total plant capacity to 11.4 mtpa.
Previously, three state own (SOE) banks, namely PT Bank Mandiri Tbk, PT. Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk take part in the financing deal amounting to US$3.745 billion to fund the development of Tangguh LNG Train 3 project being developed by BP, the operator of the project. PT Indonesia Infrastructure Finance also takes part in the financing deal.
In addition to domestic banks, the funding also comes from financial institutions in China, Japan, Germany, South Korea, France, Singapore and other multilateral agencies. The financial agreement follows the final investment decision (FID), which was completed on July 1, 2016.
Meanwhile, international banks taking part in the deal are Mizuho Bank, Bank of China, China Construction Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, DBS Bank, United Overseas Bank, BNP Paribas, Credit Agricole Corporate and Investment Bank, Oversea-Chinese Banking Corporation, Korea Development Bank, Shinsei Bank, and KfW Bank.
The additional loan facility from Japan Bank for International Cooperation (JBIC) and other multilateral agencies will be done later.
Tangguh LNG project is operated by BP Berau Ltd as contractor of SKK Migas. BP holds 37.16 percent in the project, MI Berau B.V. (16.30 percent), CNOOC Muturi Ltd. (13.90 percent), Nippon Oil Exploration (Berau), Ltd. (12.23 percent), KG Berau/KG Wiriagar (10.00 percent), Indonesia Natural Gas Resources Muturi Inc. (7.35 percent), and Talisman Wiriagar Overseas Ltd. (3.06 percent).
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Source: The Insiderstories
British’s BP acquires Spain’s Repsol stake in Indonesia LNG plant for 3m