Over the past two decades, financing projects in oil & gas producing countries has become more complex. Before the 1970s, the majority of large energy and power projects in developing countries were undertaken by international oil companies and monopolistic power companies that drew upon their own internal resources for project financing. Project financing during this era usually involved traditional corporate financing, including equity ownership by the sponsor of the project and traditional debt financing with recourse against both the project and the assets of the corporation sponsoring the project.

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