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Overview

Bank of China provides two loans worth a combined $208 million USD to refinance 2010 loan to JV Caspi Bitum LLP (Linked to Record ID#40265 and #73404)

Commitment Year•2016Country of Activity•KazakhstanDirect Recipient Country of Incorporation•KazakhstanSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 17, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • JV Caspi Bitum LLP

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • JV Caspi Bitum LLP

Loan description

Bank of China provides two loans worth a combined $208 million USD to refinance 2010 loan to JV Caspi Bitum LLP (Linked to Record ID#40265 and #73404)

Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

On September 28, 2010, the Bank of China (BOC) signed a $232 million USD loan agreement with JV Caspi Bitum LLP, a Kazakh-Chinese joint venture between Kazakhstan Petrochemical Industries JSC and CITIC Kazakhstan LLP, for the construction of a bitumen (asphalt) plant in Aktau, captured by linked Record ID#40265. CITIC Kazakhstan also contributed $29 million USD for this project, as captured by linked Record ID#73404. Then, on June 17, 2016, JV Caspi Bitum LLP entered into two additional loan agreements with BOC in an aggregate principal amount of $208 million USD, to refinance the 2010 loan. The funds were drawn down and the 2010 loan was fully repaid as of 2018.

Staff comments

AidData has captured all refinancing records without a transaction amount so as to avoid double-counting. Additionally, normally AidData would create two separate projects to capture each loan. However, because they were signed on the same day, and no information on the new terms could be found, AidData has elected to let this project count for both.