$1200M loan for petrol plant
PA Wellington Dr Colin Maiden, chairman of the New Zealand Synthetic Fuels Corporation, yesterday announced another step towards establishing the syn-thetic-petrol plant at Motunui, Taranaki. He said that Citicorp International Group, the merchant-banking arm of Citibank, N.A., was arranging adequate long-term finance to meet the estimated cost of the project of SUS 767 million in mid-1980 dollar vlaues. It would be the largest sum borrowed for a project in New Zealand. Dr Maiden said, “In order that sufficient long-term financing is in place to cover this projected capital cost, after taking account of possible inflation and capitalised interest during the construction period as well as work-ing-capital requirements, arrangements are being made for a base facility of SUSI2OO million.”
In addition, standby facilities of up to SUSSOO million would be arranged, although it was most unlikely that the extra funds would be needed. “The degree to which Citicorp. is prepared to proceed to arrange the financing for this project demonstrates the substantial confidence the banking community has in the processing of Maui gas into synthetic petrol,” Dr Maiden said. x
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Press, 12 March 1982, Page 2
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184$1200M loan for petrol plant Press, 12 March 1982, Page 2
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