Overview

China Development Bank provides $60 million USD loan to Yantai Jereh Oilfield Services Group for the Jurassic Production Facilities (JPF5) — Middle Marrat Reservoir Project

Commitments (Constant USD, 2023)$60,000,000

Commitment Year•2023Country of Activity•KuwaitDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 17, 2023

Last repayment (originally scheduled): Jan 16, 2028

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% Chinese ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Yantai Jereh Oilfield Services Group (Jereh Group)

Guarantors

Private Sector

Yantai Jereh Oilfield Services Group (Jereh Group)

Loan description

China Development Bank provides $60 million USD loan to Yantai Jereh Oilfield Services Group for the Jurassic Production Facilities (JPF5) — Middle Marrat Reservoir Project

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On January 17, 2023, China Development Bank (CDB) signed a $60 million USD loan agreement with Yantai Jereh Oilfield Services Group (Jereh Group) to support the development of the Jurassic Production Facilities (JPF5) — Middle Marrat Reservoir Project. The loan carried a maturity of five years. Jereh Group guaranteed the loan. The Jurassic Production Facilities (JPF5) — Middle Marrat Reservoir Project is a key strategic production project of Kuwait Oil Company (KOC, Kuwait Oil Company). In December, 2021 Jereh Group was awarded a contract to build an onshore surface production facility to process and treat crude oil. The production facility plans to process 50,000 barrels per day of crude oil and 150MMSCFD of qualified natural gas.