China National Chemical Engineering No.14 Construction Co. Ltd provides $43.78 million supplier’s credit for Fuel Hydrant System Project
Commitment amount
$ 49189658.72483646
Adjusted commitment amount
$ 49189658.72
Constant 2021 USD
Summary
Funding agency [Type]
China National Chemical Engineering No.14 Construction Co. Ltd [State-owned Company]
Recipient
Sri Lanka
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government-guaranteed debt
Infrastructure
Yes
Category
Project lifecycle
Description
On June 26, 2019, China National Chemical Engineering No.14 Construction Co. Ltd issued a $43.78 million supplier’s credit (loan) to Ceylon Petroleum Corporation for the Fuel Hydrant System Project. The Government of Sri Lanka issued a sovereign guarantee in support of the supplier’s credit, which has a final maturity date of January 31, 2031. The proceeds of the loan were to be used by the borrower to partially finance a $51.5 million contract between Ceylon Petroleum Corporation and WEC Engineers and Constructors Pte Ltd and China National Chemical Engineering Co. Ltd, which was signed in January 2018. The loan's amount outstanding was $13.5 million as of December 31, 2019, $18.58 million as of December 31, 2020, and $21.69 million as of December 31, 2021. The purpose of the project is to build a fuel hydrant system at Bandaranaike International Airport in Katunayake, which is located 32.5 kilometers north of the island nation's capital of Colombo. The fuel hydrant system will supply Apron E, which has 17 parking bays. WEC Engineers and Constructors Pte Ltd and China National Chemical Engineering Co. Ltd are the contractors responsible for implementation. As of April 2021, this project had achieved a 55% completion rate.
Additional details
1. This project is also known as the Development & Upgrading Of Existing Fuel Hydrant System & Installation Of A Fuel Hydrant System Project, the Bandaranaike International Airport Aviation Fuel System Project, or the Development & Upgrading of Aviation, Refuelling Terminal & the Existing Fuel Hydrant System and Installation of a Fuel Hydrant System at new Apron-E in par with Phase II Stage 2 Development Project of Bandaranaike International Airport, Katunayake Project. 2. Established in 1962 and wholly owned by the Government of Sri Lanka, Ceylon Petroleum Corporation is the largest oil company in Sri Lanka.
Number of official sources
13
Number of total sources
15
Details
Cofinanced
No
Direct receiving agencies [Type]
Ceylon Petroleum Corporation [State-owned Company]
Implementing agencies [Type]
China National Chemical Engineering No.14 Construction Co. Ltd [State-owned Company]
Guarantee provider [Type]
Government of Sri Lanka [Government Agency]
Loan Details
Maturity
12 years