Gulf Oil and Gas accountACCOUNT

Fujian Financing Documents Signed

Source: www.gulfoilandgas.com 9/6/2007, Location: Middle East

Share |
Fujian Refining & Petrochemical Company Limited (FREP), the joint venture formed by Sinopec, Fujian Province, and subsidiaries of Saudi Aramco and ExxonMobil in March 2007, executed loan documentation for the financing of the project with a lender group today in Beijing.

The joint venture is the first integrated refining and petrochemicals project with foreign participation in China. The lender group consists of eleven major PRC banks plus Sinopec Finance Company.

The debt facilities for FREP are arranged on a limited recourse basis, comprising both long term and working capital facilities in Renminbi and U.S. dollars. The facilities amount to about RMB30 billion yuan (or about US$4 billion), and represent the largest project financing to-date for a Sino-foreign joint venture in China. Tenor (or time-to-maturity) for the long term facilities will be 20 years for Renminbi and 15 years for U.S. dollars. The financing is secured following a competitive tendering process involving both Chinese and international banks.

Sinopec SenMei (Fujian) Petroleum Company Limited (SSPC), a fuels marketing joint venture formed by Sinopec and subsidiaries of ExxonMobil and Saudi Aramco at the same time as FREP, has also closed its financing recently. The debt facilities for SSPC are all in Renminbi, and are provided by two PRC banks. They also include long term and working capital facilities with an aggregate value of about RMB3.3 billion.

FREP is owned by Fujian Petrochemical Company Limited (50%), ExxonMobil China Petroleum and Petrochemical Company Limited (25%) and Saudi Aramco Sino Company Limited (25%). The activities for the expansion of the existing refinery in Fujian Province and the addition of new petrochemical facilities are expected to be completed in early 2009.

SSPC is formed by Sinopec (55%), ExxonMobil China Petroleum and Petrochemical Company Limited (22.5%) and Saudi Aramco Sino Company Limited (22.5%). It manages and operates approximately 750 service stations and a network of terminals in Fujian Province.

Fujian Petrochemical Company Limited (FPCL) is owned 50% by China Petroleum and Chemical Corporation (Sinopec) and 50% by the Fujian Government. ExxonMobil China Petroleum and Petrochemical Company Limited (ExxonMobil) is a wholly owned affiliate of Exxon Mobil Corporation and Saudi Aramco Sino Company Limited is a wholly owned affiliate of Saudi Aramco.

Financials and Investment News in Saudi Arabia >>

Australia >>  8/18/2017 - Beach Energy Ltd (Beach) has reviewed asset carrying values as part of its full year results process. Due to sustainable performance improvements, cos...
Norway >>  8/17/2017 - Seadrill Limited (SDRL) has completed amendments to three secured credit facilities that relate to rigs purchased by Seadrill Partners from the Compan...

Australia >>  8/16/2017 - Woodside Petroleum said its half-year profit rose 49 percent, buoyed by higher oil prices and lower costs, but missed analysts' forecasts. Australia's...
Nigeria >>  8/16/2017 - Nigeria's production cost per barrel of crude oil is down to $23, the state oil company said, after the country last month said the cost was $29 a bar...

Norway >>  8/16/2017 - On behalf of Statoil, DNB has on 15 August 2017 purchased 584,442 shares for use in the group's Share saving plan. The shares have been acquired at a ...
Australia >>  8/15/2017 - Santos expects to recognise a non-cash net impairment charge of approximately US$690 million after tax in its 2017 half-year results to be released on...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |

More News

 

Oil & Gas Companies in Saudi Arabia >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.