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

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 Project 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 Project 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.

Additional details

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).

Number of official sources

6

Number of total sources

9