Overview

Bank of China (Luxembourg) Lisbon Branch provides a €140 million EUR loan to Galp Energia for unspecified purposes

Commitments (Constant USD, 2023)$151,882,152

Commitment Year•2021Country of Activity•PortugalDirect Recipient Country of Incorporation•PortugalOverseas Jurisdiction•PortugalSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 31, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (Europe) S.A. (formerly Bank of China (Luxembourg) S.A. or BOC Luxembourg)

Receiving agencies

Private Sector

Galp Energia, SGPS, S.A.

Loan description

Bank of China (Luxembourg) Lisbon Branch provides a €140 million EUR loan to Galp Energia for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to January 2022, the Bank of China (Luxembourg) S.A. Lisbon Branch - Sucursal em Portugal provided an €140 million EUR term facility agreement to Galp Energia, SGPS, S.A. — a Portuguese multinational oil and gas corporation, headquartered in Lisbon and listed on the Euronext Lisbon — for unspecified purposes.

Staff comments

1. A Sucursal (branch) is the extension of the foreign company, which represents its interests in Portugal. It has no legal personality and carries out, in whole or in part, the activities of the parent company. 2. BOC Luxembourg changed its name to BOC Europe on January 10, 2022; as such, AidData has assessed this loan came prior to January 2022, when the name change happened. For the time being, AidData has estimated December 31, 2021 as the commitment date. This issue merits further investigation. 3. Galp received legal advising from PLMJ Law Firm.