Santos Secures $2 Billion for LNG Projects

Santos (ASX:STO) has secured loans worth $2 billion from nine banks for its liquefied natural gas (LNG) plants in central Queensland and Papua New Guinea.

The construction of the Gladstone project in Australia and the new one in Papua New Guinea are expected to benefit from the loan.

Peter Wasow the Chief Financial Officer and the executive vice president of Santos said that the funds would be used to refinance a $700 million facility that matures between 2011 and 2013, and to expand its LNG portfolio, particularly the $8 billion Gladstone LNG project in Queensland.

This would give Santos about $6 billion to play around with in terms of cash, corporate and project debt facilities. However it may need more funds to meet the requirements of the $8 billion Gladstone project.

The project was the subject of environmental concerns until last week. Queensland's Co-Ordinator-General had previously expressed concerns about the companies' water management strategies and the potential threat to the Great Artesian Basin.

Santos is engaged in the exploration, development, production, transportation and marketing of hydrocarbons. The Company operates in four business units: Eastern Australia, Western Australia and Northern Territory (WA & NT), Asia Pacific, and Gladstone LNG (GLNG). It has assets and projects throughout Australia and the Asia-Pacific region.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Santos Ltd.. (2019, February 18). Santos Secures $2 Billion for LNG Projects. AZoMining. Retrieved on August 05, 2020 from https://www.azomining.com/News.aspx?newsID=149.

  • MLA

    Santos Ltd.. "Santos Secures $2 Billion for LNG Projects". AZoMining. 05 August 2020. <https://www.azomining.com/News.aspx?newsID=149>.

  • Chicago

    Santos Ltd.. "Santos Secures $2 Billion for LNG Projects". AZoMining. https://www.azomining.com/News.aspx?newsID=149. (accessed August 05, 2020).

  • Harvard

    Santos Ltd.. 2019. Santos Secures $2 Billion for LNG Projects. AZoMining, viewed 05 August 2020, https://www.azomining.com/News.aspx?newsID=149.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit