https://www.miningweekly.com

Aveng to repay A$112m advance for Queensland JV gas project

20th October 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

The Queensland Curtis Liquefied Natural Gas (QCLNG) pipeline and facilities project has requested the repayment of the remaining A$112-million advance payment from construction and engineering major Aveng, whose Australasia and Asian business remained tied up in long-standing commercial claims lodged with respect to the project, on which it was a 50% joint venture partner.

Aveng said in a statement on Tuesday that it intended to settle this liability on or around October 28 and believed it would thereafter have removed the project’s cash flow risk, while continuing to “vigorously” pursue its legal
claims through the arbitration process.

The repayment was planned and had been included in the group’s liquidity analysis performed earlier this year, it held.

The arbitration proceedings relating to the QCLNG project were well advanced and the formal hearing was set to start in November, while a final award was expected in August 2016.

“Following the completion of the third and final step in Aveng’s strategy to improve its balance sheet and liquidity position, namely the conclusion of the sale of various properties, combined with current levels of cash generation, the group has sufficient cash and facilities at its disposal.

“Considering the operating cash flows, future funding requirements, available facilities and related covenants, the group is considered to be adequately funded at this time and there is no current need for additional capital,” it added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION