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Overview

China Eximbank provides RMB 344 million loan for construction of modular drilling rigs in Mexico (Linked to Record ID#105600)

Commitments (Constant USD, 2023)$75,146,195
Commitment Year•2007Country of Activity•MexicoDirect 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
Feb 1, 2007
First repayment (originally scheduled)
May 31, 2008
Last repayment (originally scheduled)
May 30, 2013

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 344 million loan for construction of modular drilling rigs in Mexico

Grace period•1.33 yearsGrant element•17.4318%Interest rate (t₀)•4.05%Interest type•Fixed Interest RateMaturity•6.33 years

Narrative

Full Description

Project narrative

In June 2006, China Oilfield Services Limited obtained an RMB 600,000,000 unsecured loan from China Eximbank for the purpose of financing the construction of certain modular drilling rigs in Mexico (Record ID#105600). The loan carried a 7-year maturity (final maturity date: June 30, 2013) and a 2-year grace period. It bore an annual interest rate at 4.05% for the first year, and then bore the prevailing market interest rate of similar loan types quoted by the People’s Bank of China for the every year thereafter. Then, in February 2007, China Oilfield Services Limited obtained an RMB 344,000,000 unsecured loan from China Eximbank for the purpose of financing the construction of certain modular drilling rigs in Mexico (Record ID#105601). The loan carried a 6.33-year maturity (final maturity date: June 30, 2013) and a 1.33-year grace period. It bore an annual interest rate at 4.05% for the first year, and then bore the prevailing market interest rate of similar loan types quoted by the People’s Bank of China for the every year thereafter. The borrower was expected to repay the two loans from June 30, 2008 to June 30, 2013 in the following installments: RMB 200 million on every June 30 from 2008 to 2011, RMB 100 million on June 30, 2012, and RMB 44 million on June 30, 2013.