Overview

China Eximbank provides RMB 400 million loan for construction of vessels for workover operation in Indonesia

Commitments (Constant USD, 2023)$81,060,366

Commitment Year•2008Country of Activity•IndonesiaDirect 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: Nov 17, 2008

First repayment (originally scheduled): Nov 19, 2009

Last repayment (originally scheduled): Nov 19, 2017

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

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

China Oilfield Services Limited (COSL)

Implementing agencies

State-owned companies

China Oilfield Services Limited (COSL)

Loan description

China Eximbank provides RMB 400 million loan for construction of vessels for workover operation in Indonesia

Grace period•1 yearsGrant element•18.1784%Interest rate (t₀)•4.86%Interest type•Fixed Interest RateMaturity•9 years

Narrative

Full Description

Project narrative

In November 2008, the Export-Import Bank of China issued an RMB 400,000,000 loan to China Oilfield Services Limited for the purpose of financing the construction of vessels for a workover operation in Indonesia. The loan carried a maturity period of nine years (final maturity date: November 19, 2017) and a one-year grace period. It bore an annual interest rate at 4.86% for the first quarter, and then bore the prevailing market interest rate of similar loan types quoted by the People’s Bank of China during every quarter thereafter. The borrower was expected to repay the loan between November 19, 2009 and November 19, 2017.