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EX-IM BANK $930 MILLION GUARANTEE SUPPORTS U.S. EXPORTS TO BUILD LNG PLANT IN QATAR

FOR IMMEDIATE RELEASE November 17, 2004

Media Contact Name/Phone: 

Marianna Ohe 202-565-3200

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A US $930 Million loan guarantee from Ex-Im Bank will support the export of U.S. goods and services to Qatar Liquefied Gas Co. Ltd. II (Qatargas II) to build a liquefied natural gas (LNG) project and related offshore and onshore facilities in Qatar, similar to this facility also operated by Qatar Gas. U.S. exporters participating in the sale include Air Products & Chemicals, Allentown, Penn.; and ExxonMobil Development, KBR, and J. Ray McDermott, all in Houston, Tex. Ex-Im Bank has supported two previous Qatar LNG projects, the Qatargas and Ras Laffan projects, both in 1996. [Photo courtesy the company]

WASHINGTON, D.C.- The Export-Import Bank of the United States (Ex-Im Bank) today approved a loan guarantee of up to $930 million to support the export of U.S. goods and services to Qatar Liquefied Gas Co. Ltd. II (Qatargas II) to build a liquefied natural gas (LNG) project and related offshore and onshore facilities in Qatar.

U.S. exporters participating in the sale include Air Products & Chemicals, Allentown, Penn.; and ExxonMobil Development, KBR, and J. Ray McDermott, all in Houston, Tex.

This transaction will create and sustain an enormous number of jobs at U.S. sub-suppliers throughout the country, said Ex-Im Bank Chairman Philip Merrill.

The transaction is structured as a limited recourse project financing, a type of private financing where repayment is based on project revenues. Barclays Bank, Plc, New York, N.Y., is the guaranteed lender. Qatargas II is a special purpose company owned 70% by Qatar Petroleum, the state oil and gas company of Qatar, and 30% by Exxon Mobil Corp.

Ex-Im Bank support covers a portion of the 15.6 million metric tons-per-annum LNG project, which overall is expected to cost over $7 billion. The project involves production of natural gas offshore from Qatar's North Field, two gas liquefaction units, offtake infrastructure at the Ras Laffan Industrial City, LNG ships, and an LNG regasification terminal at Milford Haven in the UK.

Ex-Im Bank has supported two previous Qatar LNG projects, the Qatargas and Ras Laffan projects, both in 1996.

Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov. To receive news and information directly from Ex-Im Bank free via e-mail, sign up at https://public.govdelivery.com/accounts/USEXIM/subscriber/qualify.