NEWS
China 's Fujian project secures $500m loan
Beijing, July 23 (LNG Journal)
- China's Fujian liquefied natural gas project has secured a $500 million loan from a group of domestic banks for financing of a terminal and infrastructure to receive imports from Indonesia's Tangguh gas field, the Chinese Ministry of Commerce said.
The banks include the Agricultural Bank of China , the China Construction Bank, the China Development Bank and the Industrial and Commercial Bank of China . The Fujian project was officially launched on April 15 this year and the completion date is set for 2007.
China National Offshore Oil Corp. (CNOOC) holds a 60 percent stake in the Fujian venture and the remainder is held by the Fujian Investment and Development Corp. The terminal and pipeline network in the eastern Chinese province will supply the five cities of Fuzhou , Putian, Quanzhou, Zhangzhou and Xiamen .
China signed a 25-year supply contract with Indonesia 's BP-led Tangguh project three years ago that requires the delivery of 2.6 million tonnes of LNG annually, said by the Chinese at the time to be worth an estimated $8.5 billion.
BP operates the Tangguh field in Indonesia 's eastern province of Papua in partnership with Petramina , Indonesia 's state-owned oil and gas company, and CNOOC, which in 2003 bought a 12.5 percent stake in the venture from BP for $275m.
