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Capital structure in LNG infrastructures and gas pipelines projects: Empirical evidences and methodological issues

Capital structure in LNG infrastructures and gas pipelines projects: Empirical evidences and methodological issues

Kategori
Vitenskapelig artikkel
Sammendrag
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. © 2013 Elsevier Ltd. All rights reserved.
Språk
Engelsk
Forfatter(e)
Institusjon(er)
  • King Abdullah University of Science and Technology
  • SINTEF Energi AS / Gassteknologi
  • IFP Energies nouvelles
År
Publisert i
Energy Policy
ISSN
0301-4215
Forlag
Elsevier
Årgang
61
Side(r)
285 - 291