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A US$2.7bn project financing for CNOOC and Shell Petrochemicals Co has closed. The deal is split between a US$1.977bn onshore tranche and a US$700mn offshore tranche comprising a US$300mn 13.5-year commercially syndicated loan and a US$400mn 16.5-year export credit.

Mandated lead arrangers for the domestic tranche include Industrial & Commercial Bank of China, China Development Bank and Bank of China.

Co-arrangers are Agricultural Bank of China and China Construction Bank, with managers China Everbright Bank and China Merchants Bank.

Offshore mandated lead arrangers are ANZ Investment Bank, Banca Intesa, Bank of Tokyo Mitsubishi, Cr édit Agricole Indosuez, HSBC, Mizuho Corporate Bank, Sumitomo Mitsui Banking and WestLB. Cr édit Lyonnais is an arranger.

Fortis Bank and KBC Bank are co-arrangers and Hang Seng Bank is a senior manager.

The export credit participants are US Ex-Im Bank, Gerling NCM, Hermes, JBIC and Nippon Export and Investment Insurance of Japan.

Proceeds will finance the construction of an 8000,000 tonne per year ethylene cracker plant in Nanhai in the People’s Republic of China .