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US Ex-Im Bank has approved a loan guarantee of up to US$930mn to support the export of US goods and services to Qatar Liquefied Gas II (Qatargas II) to build a liquefied natural gas (LNG) project and related offshore and onshore facilities in Qatar.

US exporters participating in the sale include Air Products & Chemicals, ExxonMobil Development, KBR, and J Ray McDermott, all in Houston, Texas.

The transaction is structured as a limited recourse project financing, a type of private financing where repayment is based on project revenues. Barclays Bank, New York 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.

US Ex-Im support covers a portion of the 15.6mn tonnes-per-year LNG project, which overall is expected to cost over US$7bn.


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.