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Overview

Bank of China reschedules a $500 million loan to CNPC-AktobeMunaiGaz for working capital purposes (Linked to Record ID#96016)

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 1, 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

  • CNPC AktobeMunaiGas JSC (CNPC AMG)

Loan description

Bank of China reschedules a $500 million loan to CNPC-AktobeMunaiGaz for working capital purposes (Linked to Record ID#96016)

Grant element•13.5481%Interest rate (t₀)•3.248%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In June 2011, Bank of China and CNPC-AktobeMunaiGaz JSC (CNPC AMG) — a special purpose vehicle and joint venture of CNPC and AktobeMunaiGaz (a Kazakh state-owned oil company) that develops hydrocarbon deposits in the Aktobe region of western Kazakhstan — signed a $500 million loan agreement for working capital purposes (captured via Record ID#96016). The loan carried an interest rate of 3-month LIBOR plus a 3% margin and 5-year maturity (final maturity date: June 2016). However, the loan was eventually rescheduled and its final maturity date was extended to 2021. The loan rescheduling is captured via Record ID#96016. The borrower was responsible for making interest payments every 3 months. As of December 31, 2019 and December 31, 2020, the loan’s (principal) outstanding amount was $420,000,000. By December 31, 2021, the loan had been repaid in full.

Staff comments

1. The precise date of the loan rescheduling agreement is unknown. For the time being, AidData assumes that the loan was rescheduled at the time of the originally scheduled maturity date (June 2016).