CNOOC gets loan for Nigerian project

CNOOC (China National Offshore Oil Corporation) announces that CNOOC China Ltd, its wholly-funded subsidiary, signed a loan agreement with the Export-Import Bank of China on June 2nd, according to Beijing Times.

The bank agrees to grant CNOOC China Ltd a loan of 12.8 billion yuan (about 1.6 billion US dollars) fund the company's oil project in Nigeria.

In April, CNOOC succeeded in purchasing 45% of the rights of OML130 from Nigeria. In the area there are 4 rich oil and gas fields and several potential structures. The deal is worth nearly 2.7 billion US dollars.

CNOOC says that the term of the laon is 10 years with a fixed rate of 4.05% and it is allowed to repay the debt before the term without any extra fees.

Even with this debt, the liabilities ratio of CNOOC is still below 25%.

By People's Daily Online