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ECGD: 100% dynamite
01 November 2002
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[project finance]
[project finance]
Despite the sluggish market conditions of the last 12 months, the
project finance team at UK export credit agency ECGD has been
keeping itself busy. ?We have been busier this year than in the
last couple of years,? observes Nick George, head of project
finance at ECGD in London. That focus has been predominantly on the
oil and gas market and on three large deals: Nigeria LNG, Sakhalin
2 and the BTC pipeline.
George is optimistic that Nigeria LNG should be completed next
year. The $1 billion project involves the expansion of the existing
LNG plant at Bonny Island to incorporate three fully operational
gas liquefication trains at a cost of $5.5 billion. Shareholders in
the project at Nigeria National Petroleum Corp (NNPC), Shell,
TotalFinaElf and Agip. A second deal, LNG Plus, will add two
further trains at a cost of $1.9 billion. Shell's share of the gas
supply project for the first three trains is...
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