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US Ex-Im Bank has approved a loan guarantee of up to US$403.5mn for Qatar Liquefied Gas Company 3 (Qatargas 3) to build a natural gas liquefaction plant and related facilities in Qatar.

Qatargas 3 is owned by Qatar Petroleum, the state oil and gas company of Qatar, and US oil firm ConocoPhillips – other US exporters involved in the project include Air Products and Chemicals and General Electric.

The US$5bn project involves the production of natural gas offshore from Qatar’s North Field and transport of the gas by sub-sea pipeline onshore to Ras Laffan Industrial City in Qatar, where it will be processed into 7.8mn tonnes per year of LNG for export to the US.

The transaction is structured as a limited recourse project financing. BNP Paribas is the guaranteed lender.