Narrative
Full Description
Project narrative
On June 27, 2018, the Industrial and Commercial Bank of China signed a $540,000,000 loan (facility) agreement with Kazakhstan-China Pipeline LLP (中哈管道有限责任公司 or KCP) — a special purpose vehicle and joint venture of China National Oil and Gas Exploration and Development Corporation (CNODC) and JSC KazTransOil (KTO) — to refinance two loans provided to the same project company (Kazakhstan-China Pipeline LLP) for the Kazakhstan-China Oil Pipeline Project (see Record ID#54524 and Record ID#54527). On August 3, 2022, KCP repaid $80 million of the loan's principal ahead of schedule. The loan's (principal) amount outstanding was $140 million as of September 30, 2022. The loan was repaid in full in February 2024.
Staff comments
1. On July 6, 2004, JSC KazTransOil (KTO) — a state-owned oil pipeline operator in Kazakhstan — and China National Oil and Gas Exploration and Development Corporation (CNODC) created a special purpose vehicle called Kazakhstan-China Pipeline LLP (KCP). KCP, which is jointly owned by KTO (50% equity stake) and CNODC (50% equity stake), was created to construct and operate the Atasu-Alashankou pipeline and the Kenkiyak-Kumkol pipeline. These pipelines are two of three pipeline systems of the Kazakhstan-China Pipeline network, which was built to create a transport corridor for the export of Kazakhstani oil to China.