Singapore LNG Corporation Pte Ltd (SLNG) has secured a S$1.11 billion term loan facility with five banks, namely Citibank N.A. (Singapore Branch), DBS Bank Ltd, Mizuho Bank Ltd (Singapore Branch), Oversea-Chinese Banking Corporation Limited and The Bank of Tokyo-Mitsubishi UFJ Ltd. Societe Generale Corporate & Investment Banking acted as the Financial Advisor to SLNG in securing this loan facility.
Proceeds from the facility will be used to refinance some of the Singapore Government loans that were extended to SLNG for the development and construction of the initial phases of the Singapore LNG Terminal located on Jurong Island. This includes the construction of two jetties that can berth a wide range of liquefied natural gas (LNG) carriers from 60,000m³ to 265,000m³; three LNG storage tanks of 180,000m³ each; and regasification facilities to support the current throughput capacity of 6 million tonnes per annum (Mtpa). The Terminal began commercial operations in May 2013 and to date, it has received 39 LNG vessels delivering more than 120 million mmBtus (Million British Thermal Units), or about 2.28 million metric tonnes, of LNG to Singapore.
Mr John Ng, SLNG’s Chief Executive Officer, said, “We would like to thank all the participating banks for extending this loan facility, as well as Societe Generale for its advice and assistance throughout this process. Beyond just prudent financial management, this significant external borrowing represents another important step in the development of SLNG as a commercial entity and reflects the growing confidence in the marketplace that the LNG industry in Singapore has a promising future ahead of it.”
About Singapore LNG Corporation Pte Ltd
Singapore LNG Corporation Pte Ltd was incorporated by the Energy Market Authority in June 2009 to develop, build, own and operate Singapore’s first LNG Terminal on Jurong Island. The Terminal began commercial operations in May 2013, and its core businesses include LNG terminalling, storage, regasification and send out services, as well as vessel cool-down and storage & reload services. Beyond these, SLNG will continuously explore new LNG business opportunities as it pursues its vision to become the Gateway for LNG in Asia, and to help establish Singapore as the LNG Hub for the region.
For more information, please visit www.slng.com.sg