Overview

Bank of China contributes to a syndicated loan to Woodfibre LNG Ltd. for the construction of the Woodfibre LNG Project (linked to Record ID #s #93489, #93937)

Commitment Year•2020Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2020

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)

Cofinancing agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Woodfibre LNG Ltd.

Implementing agencies

Private Sector

McDermott International

Loan description

ICBC, CDB, BOC contributions to a syndicated loan to Woodfibre LNG Ltd.

Interest type•Unknown

Narrative

Full Description

Project narrative

At some point before July 1, 2020, the Bank of China (BOC) may have provided a loan to Woodfibre LNG Ltd. for the construction of an LNG project in Squamish, British Columbia. The terms and status of the loan are unknown. Other possible Chinese contributors include the Industrial and Commercial Bank of China (ICBC) (captured in Record ID#93489) and China Development Bank (CDB) (captured in Record ID#93937). Construction on the Woodfibre LNG Project has been stalled due to local opposition and financial issues with the construction contractor, McDermott International. However, the project is now scheduled to begin construction in 2023 with an anticipated completion date around 2027.

Staff comments

1. Evidence for this loan comes entirely from the resume of Aled Davies, partner at Milibank LLP.