29 Jan 2009

International banking community on fact finding mission in PNG

11:06 am on 29 January 2009

More than 70 representatives of the international banking community, export credit agencies and rating agencies arrived in Papua New Guinea's capital to tour the country's LNG project.

The Post Courier newspaper reports their visit itinerary includes project briefings, ministerial briefings and visits to key project sites near Port Moresby and in the Southern Highlands Province.

ExxonMobil yesterday said that they were delighted to host this initial fact finding visit to PNG for potential lenders.

They said that the project co-venturers were highly motivated to move the project forward and the PNG Government had been very supportive.

The project is seeking to raise more than 10 billion US dollars in debt financing and is working towards a final investment decision in the fourth quarter of this year with a corresponding first LNG cargo in late 2013-2014.