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ID125514
Title ProperCapital structure in LNG infrastructures and gas pipelines projects
Other Title Informationempirical evidences and methodological issues
LanguageENG
AuthorPierru, Axel ;  Roussanaly, Simon ;  Sabathier, Jerome
Publication2013.
Summary / Abstract (Note)This paper provides new empirical insights on the capital structure of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. Most results are consistent with the basic view of risk-averse funds suppliers. Especially, the projects located in risky countries and larger projects tend to exhibit lower debt ratios and less-concentrated equity ownerships. In addition, regasification projects appear to have a more diluted equity ownership. Methodological issues raised by the financing of these projects are also examined from a capital-budgeting perspective. In particular, the equity residual method, usually used by industrial practitioners to value these projects, should be adjusted.
`In' analytical NoteEnergy Policy Vol.61; Oct 2013: p.285-291
Journal SourceEnergy Policy Vol.61; Oct 2013: p.285-291
Key WordsProject Finance ;  Gas ;  Debt Ratio