Overview

China Eximbank pledges $600 million loan for Akwa Ibom Refinery Project

Commitment Year•2003Country of Activity•NigeriaDirect Recipient Country of Incorporation•NigeriaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2003

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 Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Nigeria

Implementing agencies

State-owned companies

China Petroleum & Chemical Corporation (Sinopec Ltd.)

Loan desecription

China Eximbank pledges $600 million loan for Akwa Ibom Refinery Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2003, the Export-Import Bank of China promised to provide $600 million to facilitate the acquisition of equipment for the Akwa Ibom refinery project as soon as the government obtained a license for the plant's construction. The Director General of the Akwa Ibom Industrial Promotion Council, Andy Inyang, said the loan represented 80% of the funding needed for the project. China Petrochemical Corporation, SINOPEC and North China Power Engineering Company Limited were the contractors selected to participate in the project.

Staff comments

It is unclear if China Eximbank ultimately provided any funding for this project. Some reports suggest that Gulf Bank of Nigeria plc. may have ultimately financed the project.