Japan Backs Exxon's $16B Papua New Guinea LNG Builders

Law360, New York (September 27, 2012, 1:33 PM EDT) -- Japan's export-import bank and the country's three biggest commercial lenders on Thursday closed a $93 million loan to Japanese and U.S. contractors building the liquefaction and export plant for ExxonMobil Corp.'s $15.7 billion gas project in Papua New Guinea.

The loan will help Marubeni Corp., JX  Nippon Oil Exploration and Connecticut-based shipper Merlin Petroleum Co. Inc. lay pipeline and construct the facility, which will eventually send about half of its LNG exports to Japan. JBIC already lent $1.8 billion directly to the project vehicle, PNG LNG,...
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