Learn from the experiences of key players in Asia Pacific project financings. A detailed examination of 16 major projects, this new book will aid both new entrants and current players in reducing the risks and increasing the profitability of any Asia Pacific project financing. Sectors examined include oil and gas, mining, water, power, telecommunications, ports, transport and infrastructure.
Case studies highlight potential problems and opportunties that you may face and assess each project's distinctive problems and their solutions, financing methods, parties to the deal, structures for the project and political, market and operational risks. Case studies include the Southern Cross Cable network, Chengdu No. 6 water plant, Korea Zinc, RasLaffan LNG terminal, and islamic financing options utilised in the Penang Bridge project.
Table of Contents:
Contents
About the author x
Preface x
Introduction 1
Government 2
Arrangers and advisers 5
Funding 7
Contractors 8
Asia-Pacific risk profile 9
Bankruptcy 14
Sectors 15
Conclusions 23
Notes 24
1 Santa Rita 25
Background 25
Project summary 26
Ownership 26
Project structure 27
Contracts 28
Fuel supply 30
Financing structure 30
Risk analysis 32
Credit analysis 38
Problems encountered 40
Lessons learned 40
Notes 41
2 GVK Industries Limited 42
Background 43
Project summary 43
Ownership 44
Contracts 44
Financing structure 47
Risk analysis 48
Credit analysis 53
Problems encountered 54
Lessons learned 56
Notes 57
3 Hero Asia 58
Background 58
Ownership 59
Contracts 59
Financing structure 62
Risk analysis 62
Credit analysis 64
Potential problems 65
Lessons learned 66
Notes 66
4 Southern Cross Cable Network 67
Background 68
Project summary 69
Ownership 69
Project contracts 71
Financing structure 72
Innovation 74
Risk analysis 75
Problems encountered 77
Lessons learned 77
Notes 77
5 Laem Chabang Port 78
Background 78
Project summary 79
Ownership 79
Contracts 80
Project finance structure 81
Credit analysis 83
Risk analysis 84
Problems encountered 89
Lessons learned 89
Notes 89
6 West Coast Port 90
Background 90
Ownership 91
Project summary 92
Contracts 93
Financing structure 95
Risk analysis 97
Credit analysis 99
Problems encountered 99
Current status of project 101
Notes 101
Appendix 1: Summary of the concession agreement 102
Appendix 2: Details of Mumbai and Kandla ports 107
7 Noida Bridge 109
Background 109
Ownership 110
Contracts 110
Financing structure 114
Risk analysis 116
Credit analysis 121
Problems encountered 121
Lessons learned 122
Notes 122
8 Penang Bridge 123
Background 123
Ownership 124
Contracts 124
Financing structure 126
Risk analysis 130
Credit analysis 131
Problems encountered 134
Lessons learned 134
Notes 135
Appendix: Islamic lending facilities 136
9 Brisbane Airtrain 138
Background 138
Project summary 139
Ownership 140
Contracts 140
Financing structure 142
Risk analysis 143
Credit analysis 148
Potential problems 149
Lessons learned 151
Notes 151
10 Australian Railroad Group 152
Background 152
Ownership 152
Contracts 154
Financing structure 154
Risk analysis 157
Credit analysis 160
Problems encountered 162
Lessons learned 163
Notes 163
11 GSZ East Superhighway 164
Background 164
Project summary 165
Ownership 165
Contracts 165
Financing structure 167
Risk analysis 170
Credit analysis 174
Problems encountered 175
Lessons learned 177
Notes 178
12 Chengdu No. 6 179
Background 179
Project summary 179
Ownership 180
Contracts 180
Financing structure 182
Risk analysis 183
Problems encountered 185
Lessons learned 185
Notes 185
13 Ras Laffan 186
Background 186
Project summary 187
Ownership 187
Contracts 189
Financing structure 193
Risk analysis 195
Credit analysis 203
LNG 203
Problems encountered 205
Lessons learned 206
Subsequent events 206
Notes 206
14 Murrin Murrin 208
Background 208
Project summary 210
Ownership 210
Contracts 211
Financing structure 213
Risk analysis 214
Credit analysis 216
Problems encountered 220
Lessons learned 223
Notes 223
15 Korea Zinc 224
Background 224
Project summary 225
Ownership 226
Contracts 226
Financing structure 227
Risk analysis 229
Credit analysis 234
Problems encountered 235
Lessons learned 236
Notes 236
16 Batu Hijau 237
Background 237
Project summary 238
Contracts 239
Financing structure 240
Risk analysis 241
Credit analysis 247
Problems encountered 250
Lessons learned 252
Notes 252
Glossary 254
Index 273
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