China Eximbank provides RMB 1.08 billion seller's credit to Harbin Electric Company for Phase I of the 212MW El-Jaili (Garri/Qarre) Gas Power Plant Construction Project (Linked to Project ID#2163, #55858)
Commitment amount
$ 328096152.18373746
Adjusted commitment amount
$ 328096152.18
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Sudan
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On November 16, 2000, Harbin Electric International Company Limited (HEC; formerly known as Harbin Power Equipment Co. Ltd. or HPEC) and Sudan's Ministry of Energy signed a framework agreement in which the Chinese company pledged to finance and build Phase I of the 212MW El-Jaili (Garri/Qarre) Gas Power Plant Construction Project. Then, on October 15, 2001, China Eximbank signed an RMB 1.08 billion ($128 million) seller's credit agreement with HEC to finance the Chinese company's commercial contract with the Sudan National Electricity Corporation (NEC). The borrowing terms of the loan are unknown. However, it is known that the loan was secured by (i.e. collateralized against) the proceeds from oil sales. It is also known that China Export & Credit Insurance Corporation (Sinosure) provided credit insurance for the loan. The total project cost was about $150 million. The Government of Sudan reportedly contributed $18 million for the completion of the El-Jaili Refinery, which provides the gas inputs for the El-Jaili (Garri/Qarre) Gas Power Power Plant. The project involved the construction of a combined cycle power plant, a 100-km electricity transmission line, a new substation, and the expansion of an old substation. The project site is located in El-Gaili (or Al Jaily or El-Jaili), about 80 km north of Khartoum. Harbin Electric Company Limited (HEC) was the contractor responsible for implementation. Construction began on March 28, 2003. Three gas turbines were successfully connected to Sudan's power grid by July 5, 2003. China's Foreign Minister Li Zhaoxing and Sudanese Electricity Minister Ali Temim Fertak officially inaugurated the Qarre I plant on January 5, 2004.
Additional details
1. This project is also known as the E1-Gaili Combined Cycle Power Plant Project. The Chinese project title is 吉利电站一期项目. 2. China Eximbank also financed Phase II (as captured via Project #2163) and Phase IV (as captured via Project ID#55858).
Number of official sources
11
Number of total sources
22
Details
Cofinanced
No
Direct receiving agencies [Type]
Harbin Electric Company Limited [State-owned Company]
Sudan National Electricity Corporation (NEC Sudan) [State-owned Company]
Implementing agencies [Type]
Sudan National Electricity Corporation (NEC Sudan) [State-owned Company]
Sudan Ministry of Energy and Mineral Resources [Government Agency]
Harbin Electric Company Limited [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]
Collateral provider [Type]
Sudan National Electricity Corporation (NEC Sudan) [State-owned Company]
Collateral
Future revenues from oil export receipts