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| 2003/08/02 |
Dutch/Shell, China borrow $2.7m
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04:17:13 �.�
Beijing, Aug 2 - Anglo-Dutch oil giant Royal Dutch/Shell and a Chinese partner plan to borrow a record 2.7 billion US dollars from a group of banks to fund a vast petrochemical project in south China, state media said Saturday.
The money will be channeled into the construction of the Huizhou complex, a venture with the China National Offshore Oil Corp, which at 4.5 billion dollars is the biggest foreign investment in Chinese history, the China daily said.
Chinese banks will lend two billion dollars, while 700 million dollars will come from eight foreign banks, including the Japan Bank for International Cooperation and the Export-Import Bank of the United States, the paper said.
The rest of the funding will be provided by the two joint venture partners themselves, as each of the companies will pour 900 million dollars into the project, according to the paper.
The paper said this would constitute the largest financing of a private project in the Asia-Pacific region.
Once the project is completed in 2005, it is expected to produce 2.3 million tonnes of chemical products every year, generating up to 1.7 billion dollars in annual products sales.
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