Overview

CDB provides $30 million loan to UzbekNefteGaz for the purchase of high-tech oil exploration and prospecting equipment

Commitments (Constant USD, 2023)$31,923,791

Commitment Year•2017Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2017

Last repayment (originally scheduled): Dec 31, 2021

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

China Development Bank (CDB)

Receiving agencies

State-owned companies

JSC Uzbekneftegaz

Implementing agencies

State-owned companies

China National Petroleum Corporation (CNPC)

Loan description

CDB provides $30 million loan to UzbekNefteGaz for the purchase of high-tech oil exploration and prospecting equipment

Grant element•9.9041%Interest rate (t₀)•5%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In 2017, China Development Bank (CDB) issued a $30 million loan to UzbekNefteGaz — a state-owned oil and gas company in Uzbekistan — for the purchase of high-tech oil exploration and prospecting equipment. The loan carried an interest rate of 5% and a maturity length of 5 years. Its final maturity date was December 2021. The borrower was to use the proceeds of the loan to finance a commercial (equipment supply) contract with China National Petroleum Corporation (CNPC). The purpose of this project was to improve UzbekNefteGaz’s proven oil reserves map and define geographic areas with high potential for further oil development activities.

Staff comments

1. This CDB loan is not included in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020.