BMI View: APLNG's ability to secure US$8.50bn in loans demonstrates the commercial viability of the project's second train. Indeed, phase-II will bring economies of scale and, with purchase agreements already signed, there is little commercial risk; we expect a FID to be made in the coming months. While the FIDs for train 3 and 4 are not expected before 2015, APLNG's two founders, Origin Energy and ConocoPhillips should start actively seeking new customers if they want to put an end to their costly dependence on Sinopec.
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