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Sinochem Receiving USD 230 million Credit Line from China Development Bank

Date:2003-09-25 Source:Sinochem Group
On September 12, China Development Bank (CDB) and China National Chemicals Import & Export Corporation (Sinochem) signed an agreement of USD 230 million credit line in the head office of CDB. CDB Governor Chen Yuan and President of Sinochem Liu Deshu attended the signing ceremony.

According to the agreement, CDB will grant USD 230 million of loans to support Sinochem’s acquisition of ATLANTIS which holds the rights to developing the oil and gas resources in Oman, United Arab Emirates and Tunis. It is the first time for CDB to grant foreign currency loans to support a domestic enterprise in developing overseas resources.

Sinochem, one of the four major state-owned oil companies, acquired ATLANTIS following the national strategy of “exploring overseas market”. The lending of CDB will add to the success of the acquisition project and facilitate Sinochem’s efforts to explore the upstream market.

At the signing ceremony, both sides pledged to conduct closer cooperation in overseas acquisition, domestic oil strategic reserve and M&A in the future.