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AFX Asia (Focus): Shell/CNOOC China petrochemical JV obtains 22.28 bln yuan for refinancing

Published: Jun 27, 2007

BEIJING (XFN-ASIA) – China National Offshore Oil Corp’s petrochemical complex in Huizhou, Guangdong province, developed as a joint venture with Royal Dutch/Shell, has obtained a refinancing package equivalent to 22.28 bln yuan from a bank syndicate, the official Xinhua news agency reported, citing CNOOC.

The loan comprises 1.3 bln usd and 12.4 bln yuan offered by a bank consortium including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, Agricultural Bank of China and Zhonghai Trust & Investment Co Ltd, it said.

CNOOC said the loan will refinance earlier syndicated packages taken on for the project.

In 2003, the joint venture signed a 2.68 bln usd financing contract with domestic and foreign banks as well as export credit firms.

The CNOOC/Shell facility, based in Daya Bay Economic and Technology Development Park in Huizhou city, started operations in March 2006.

The joint venture facility has annual capacity of 800,000 tons of ethylene and 430,000 tons of propylene. It will also produce up to 2.3 mln tons of petrochemical products.

In November 2002, CNOOC, the parent of CNOOC Ltd and Royal Dutch/Shell agreed to invest a total of 4.2 bln usd in the petrochemical complex.

(1 usd = 7.62 yuan)

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