Origin secures $8.7bn loan for joint venture LNG project

Australia Pacific LNG (APLNG) is made up of Origin Energy, US giant ConocoPhillips and China Petrochemical Corp (Sinopec).

On Thursday, it said a finance facility had been secured with the Export-Import Bank of the United States, The Export-Import Bank of China, and a syndicate of Australian and international commercial banks.

The finances would fund the downstream parts of the project, including the liquefaction facilities on Curtis Island, near Gladstone, APLNG said.

The finance agreement is subject to a final investment decision on the second stage of the project, which will convert coal seam gas to LNG.

"Today's announcement is another major milestone for Australia Pacific LNG, and paves the way for development of one of Australia's largest LNG export projects," APLNG chairman Grant King said in a statement.