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Trains 1 & 2 (Base Project)

The Base Project (Trains 1 & 2), which cost USD3.6 billion, was financed by NLNG's shareholders.

Train 3 (Expansion Project)

NLNG's Third Train (Expansion Project), including additional tankage, cost USD1.8 billion. The financing plan was similar to that of the Base Project. Besides new equity injection by the shareholders, revenue and surpluses from the Base Project were reinvested in the Expansion Project. Much of the cost of the new LNG tankers was borne by third-party financiers. 

Trains 4 & 5 (NLNGPlus Project)

Excluding ship acquisition, the cost for the NLNGPlus project (Trains 4 & 5) was USD2.2 billion. This was funded with a combination of internally generated revenue and third party loans amounting to USD1.06 billion.

The third party loans comprised of four Export Credit Agency (ECA) guaranteed international commercial bank loans totalling USD620 million, an uncovered international bank loan of USD180 million, an uncovered Nigerian commercial bank loan of USD160 million and an African Development Bank facility of USD100 million. The ECAs, namely US EXIM, ECGD, SACE and Gerling NCM, provided guarantees to a group of 19 international banks led by BNP Paribas, Citigroup, Credit Lyonnais, MCC and West LB. The ECA-backed facilities, as well as the African Development Bank facility, had an eight-year tenure. The facilities were fully repaid as at 15th December 2010, with a USD72 million short-term 'place holder' financing remaining in place.

The financial discipline and character demonstrated by NLNG in abiding by the loan covenants, terms and conditions throughout the tenure has significantly increased the appetite of international lenders for financing opportunities involving the company.

Train 6

Final Investment Decision (FID) for NLNGSix was taken in July 2004 for the sum of USD1.75 billion. Train 6 was principally financed from internally generated funds. The Train’s startup was on December 14, 2007 and production commenced on 23rd December 2007.

Train 7
The project will be financed partly from NLNG Balance Sheet. It will also be partly financed through third party corporate loans. Talks to this effect are ongoing.

Milestone Loan Repayment
December 2017 heralded the full and final repayment of NLNG's Shareholder Loan facility which spanned over two decades and summed up to USD5.45 billion. All principal and interest repayments were made without a single default. 

The consolidated loan had contributed towards funding the Base Project, Expansion Project, NLNG Plus Project and Train 6. A ceremony was subsequently held to commemorate this milestone achievement in July 2018 which also served as a platform for market sounding for Train 7 financing.