Global Infrastructure Partners ( GIP ), a New York City-based infrastructure investment fund, has signed a US$3.49 billion debt package to finance the acquisition of a stake in a new phase of the Pluto liquefied natural gas ( LNG ) project in Western Australia.  

The lenders in the deal comprise ANZ, NAB, Westpac, HSBC, Standard Chartered, Mizuho Bank, MUFG, SMBC, Bank of China, ICBC, Korea Development Bank, United Overseas Bank,Crédit Agricole, Intesa Sanpaolo, Natixis, NordLB, Santander, and Société Générale.

GIP is acquiring a 49% non-operating interest in Pluto Train 2, which is a key component of the Scarborough offshore gas field. It includes a new LNG train and domestic gas facilities to be constructed at the existing Pluto LNG onshore facility, which is located near Karratha in the northwest of Western Australia. Woodside Petroleum, Australia's leading natural gas producer, runs the existing Pluto LNG facility and Pluto Train 2.

The estimated capital expenditure for the development of Pluto Train 2  is US$5.6 billion. The joint-venture arrangements require GIP to fund its 49% share of capital expenditure, and an additional amount of US$822 million. Woodside’s capital expenditure will be reduced accordingly.

The first LNG cargo from the single-train facility was delivered in 2012. The first cargo from Pluto Train 2 is targeted for 2026.

The expansion of the Pluto LNG project will include the construction of Pluto Train 2, associated domestic gas processing facilities, and supporting infrastructure and modifications to Pluto Train 1 to allow it to process Scarborough gas. The Scarborough field lies about 380 kilometres off the coast. 

Bechtel has been selected as the engineering, procurement and construction ( EPC ) contractor for Pluto Train 2, and its integration into existing Pluto LNG facilities.

The Pluto joint venture comprises Woodside Burrup ( 90% ), Kansai Electric Power Australia ( 5% ) and Tokyo Gas Pluto ( 5% ). The Pluto Train 2 joint venture comprises Woodside Burrup Train 2 A ( 51% ) and GIP ( 49% ).

A joint venture led by ExxonMobil had originally been awarded the project to develop the Scarborough field, but it sold its interest to Woodside in 2018.