Financials and Investment: News for Oil & Gas and Hydrocarbon Industries  Membership Services
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

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 >>

Tangiers Petroleum Requests Trading Halt
Morocco >>  7/31/2014 - Tangiers Petroleum Limited advises that it has requested a trading halt of the Company's securities on both ASX and AIM due to pending results from t...
BP Reports Second Quarter 2014 Results
Azerbaijan >>  7/29/2014 - BP announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% hi...

New Sanctions on Russia over Ukraine by EU & U.S.
Russia >>  7/29/2014 - The European Union and the United States on Tuesday announced further sanctions against Russia, targeting its energy, banking and defense sectors in t...
Brazil's ANP Fines Petrobras over Output Measures
Brazil >>  7/28/2014 - Brazil's petroleum regulator, the ANP, fined state-run oil company Petroleo Brasileiro SA 5.55 million reais ($2.49 million) after problems were disco...

Regarding Rulings of Arbitrations in Hague
Russia >>  7/28/2014 - Rosneft takes note of the rulings in related arbitrations brought by the former majority shareholders of Yukos Oil Company against the Russian Federat...
Court Orders Russia to Pay $50b for Seizing Yukos Assets
Russia >>  7/28/2014 - An international arbitration court ruled on Monday that Russia must pay $50 billion (29.44 billion) for expropriating the assets of Yukos, the former...



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

Related Articles: 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 |


More News

Oil & Gas Companies in Saudi Arabia >>

Related Links

Countries Quick Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright Universal Solutions All rights reserved. Privacy Policy. - Contact Us