Essar will seek $1 billion loan from CDB through external commercial borrowings
Pledged amount
$ 1128036552.189835
Adjusted pledged amount
$ 1128036552.189835
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
India
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On May 21, 2013, India's Essar Oil signed a three-way MoU on a "funding-for-fuel" agreement with CDB and PetroChina. This debt financing deal is to raise $1 billion of external commercial borrowings. Ravi Ruia, vice-chairman, Essar Group; Hu Huaibang, chairman CDB, and Lihua Wang, CEO, PetroChina International signed the agreement in Mumbai. For the next 7-10 years, Essar Oil's refinery in Vadinar will export high-end Euro 5 grade gasoline and other petroleum products. The value of the export will be 2-3 times the loan amount.
Additional details
it's a three-way financing deal
Number of official sources
0
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Essar Group [Private Sector]
Implementing agencies [Type]
PetroChina [State-owned Company]