The bank group loan contract of Banshan Natural Gas Generation Project in east China's Zhejiang Province, one of China's key projects, controlled and constructed by China Huadian Engineering Co., Ltd has been signed recently.

According to the contract, Huadian Financial Co., Ltd, Industrial and Commercial Bank of China (ICBC) Beijing Branch and Bank of Communications (BC) Beijing Branch will form a bank group to provides Banshan Gas Generating Company in Hangzhou attached to China Huadian Engineering Co., Ltd with a loan worthy of 1 billion yuan for building combined gas and steam cycle project installed with three 390,000-kilowatts gas and steam generators

Banshan Gas Generating Project is a key project for China's West-East natural gas transmission project and the largest gas-generating project in East China with a total investment approaching 4 trillion yuan. Once the generating sets are put into production, the power shortage situation will be eased, the power structure in East China power grids improved and the sustained development of regional economy accelerated. The project was initiated in March this year and is expected to complete in June 2006.

By People's Daily Online