Financial Projections Model

BORTCL
(Bahria Offhsore LNG Regas Terminal)

Tafweez E. Chauhan

ARS International, Inc.

1530 Key Blvd.
Suite 1104
Arlington, Virginia 22209

Copyright © 2014
Gas Send Out Capacity
Gas Send Out Pressure
Gas Send Out Temperature

Converstion Factor to MTPA

Million Tons Per Year
Heat Value of Regasified LNG

Vaporizer Output
Vaporizer Inlet/Outlet Temperature

Send Out Gas used for Heaters

 400 mmscfd Project Cost $350,000,000
1000 psig Debt 75% $262,500,000
45 degrees F Equity 25% $87,500,000

0.0076 US Exim Bank 50% $131,250,000

3.04 mtpa Term 12
1100 Btu/scf Interest 7%
Grace 1

Export Credit Agency

ECA 30% $78,750,000
1%-2% Term 11
Interest Rate 7.50%
Grace 1

Commercial
Commercial Loa 20% $52,500,000
Term 9
Interest Rate 8%
Grace 1
years

year

years

year

years

year
BORTCL - Bahria Offshore LNG Regas Terminal Company Limited
Revenue Projections
Years 1 to 30
($)

Gas Send Out Capacity

Heat Content (MMBTU)

Tarif
Operation and Maintenance Cost
Fixed Capital Cost
Fuel Use Cost
Total Tarif

Capacity Factor

Revenue

Expenses

Debt Service

US Exim Bank

Amount
Principal
Interest
Principal + Interest
Payment
 2017 2018 2019 2020
1 2 3 4

400 400 400 400

440000 440000 440000 440000

0.2
0.46

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53

$131,250,000 $131,250,000 $140,437,500 $132,037,213 $114,355,852

$0 $8,400,287 $8,400,287 $8,988,307
$9,187,500 $9,830,625 $9,281,074 $8,693,053
$9,187,500 $18,230,912 $17,681,361 $17,681,361
$0 $18,230,912 $17,681,361 $17,681,361
 2021 2022 2023 2024 2025
5 6 7 8 9

400 400 400 400 400

440000 440000 440000 440000 440000

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53 $131.53

$96,674,492 $78,993,131 $61,311,771 $43,630,410 $25,949,050

$9,617,489 $10,290,713 $11,011,063 $11,781,837 $12,606,566
$8,063,872 $7,390,648 $6,670,298 $5,899,523 $5,074,795
$17,681,361 $17,681,361 $17,681,361 $17,681,361 $17,681,361
$17,681,361 $17,681,361 $17,681,361 $17,681,361 $17,681,361
 2026 2027 2028 2029 2030
10 11 12 13 14

400 400 400 400 400

440000 440000 440000 440000 440000

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53 $131.53

$8,267,689 $9,413,671 $27,095,032 $44,776,392 $62,457,753

$13,489,025 $14,433,257 $15,443,585 $16,524,636 Err:502
$4,192,335 $3,248,103 $2,237,775 $1,156,725 Err:502
$17,681,361 $17,681,361 $17,681,361 $17,681,361 Err:502
$17,681,361 $17,681,361 $17,681,361 $17,681,361 Err:502
 2031 2032 2033 2034 2035
15 16 17 18 19

400 400 400 400 400

440000 440000 440000 440000 440000

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53 $131.53

 2036 2037 2038 2039 2040
20 21 22 23 24

400 400 400 400 400

440000 440000 440000 440000 440000

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53 $131.53

 2041 2042 2043 2044 2045
25 26 27 28 29

400 400 400 400 400

440000 440000 440000 440000 440000

0.91 0.91 0.91 0.91 0.91

90% 90% 90% 90% 90%

$131.53 $131.53 $131.53 $131.53 $131.53

 2046
30

400
440000

0.91

90%

$131.53
Project Budget: Bahria Offshore LNG Regas Terminal

Gas Sendout Capacity

Annual

Site Work
Equipment - Mechanical
Equipment - Electrical
Instrumentation & Control
FSRU 
Storage Tanks
Loading/Unloading Arms
Loose Equipment
Vaporizers
Installation & Commissioning
Subsea Pipeline
Mooring System
Engineering
Labor
Living Quarters
Navigation System
Transportation
Testing
Contingency

Total Engineering, Procurement, Construction, Installation & Commissioning

Development Costs
Development Fees
Development Overhead
Financing Costs
Project Company Costs
Owner/Operator Equipment
Travel
Furniture and Fixtures
Project Management
Pre-Operational Expense
Additional Spare Parts
Insurance
Debt Service Reserve
Interest During Construction
Commitment Fees
Land
Initial Working Capital
Import License Fees/Import Duties
Clearing and Forwarding
Owner’s Contingency

Sub-Total Project Cost

TOTAL PROJECT COST

Assumptions

*Total Installed Cost IGU Report Reference

 450 MMSCFD
3.01 TPY

120,000,000

30,000,000

7,000,000

2,000,000

15%

2,000,000
7,000,000
1,500,000
1,000,000
1,000,000
 700,000
500,000
300,000
600,000
1,000,000
5,000,000
1,500,000

500,000
300,000
3,000,000

500,000
20%

26,400,000

350,000,000

$135.00 per ton

0.00760 400 3.04 mtpa
$410.4