China Construction Bank participates in $1.5 billion syndicated loan for Jamnagar Refinery Project (Linked to Project ID#96703, 96704, 96705)
Commitment amount
$ 60958472.5577011
Adjusted commitment amount
$ 60958472.56
Constant 2021 USD
Summary
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Recipient
India
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
On October 13, 2006, Jio-BP (Reliance Petroleum) signed a $1.5 billion syndicated loan with China Construction Bank 49 other banks for the Jamnagar Refinery Project. The loan had a maturity of 7.5 years and an interest rate of LIBOR plus 80 basis points. The interest rate was scheduled to rise to 140 basis points over LIBOR once the refinery came online. Mandated lead arrangers (MLAs) included ABN Amro, Bank of America, BNP Paribas, BTMU, Calyon, Citigroup, DBS, DZ Bank, HSBC, ICICI, Mizuho, SMBC, Standard Chartered, State Bank of India, Bank of Baroda, BayernLB, Fortis, HSH Nordbank, HVB, ICBC (Asia), Intesa, KBC, KfW, Mashreq, RBS, WestLB, Natexis, NordLB, Union National Bank and China Construction Bank. China Construction Bank's contribution is captured via Project ID#96702. ICBC (Asia)'s contribution is captured via Project ID#96703. Other syndicate participants included Arab Bank, Arab Banking Corp, San Paolo IMI, IKB, DnB Nor Bank, Nedbank, Mega International Commercial, National Bank of Kuwait, Cathay United Bank, Syndicate Bank, Taiwan Business Bank, Bank of Bahrain & Kuwait, Bank Sinopac, Banca Monte dei Paschi di Siena, Dah Sing Bank, Bank of Kaohsiung, Shin Kong Commercial Bank, State Bank of India (Mauritius), Sunny Bank, SPI International, and ChinaTrust. The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India. The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India. At the same time as this loan, a second USD 500 million tranche was agreed to by all the Mandated Lead Arrangers including ICBC and CCB. See project ID#96705 and 96704 respectively.
Additional details
1. AidData assumes equal contributions ($30 million) across all syndicate participants. 2. The average LIBOR rate for October 2006 was 5.292%. 5.292% plus 80 basis points is an interest rate of 6.092%.
Number of official sources
0
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
ABN AMRO Bank [Private Sector]
Bank of America Corporation [Private Sector]
BNP Paribas S.A. [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Citigroup [Private Sector]
Development Bank of Singapore (DBS) [Private Sector]
DZ Bank AG [Private Sector]
HSBC [Private Sector]
ICICI Bank Limited [Private Sector]
Mizuho Bank [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
Standard Chartered Bank PLC [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Bank of Baroda [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Fortis Bank [Private Sector]
HypoVereinsbank (HVB) [Private Sector]
Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) [State-owned Commercial Bank]
Intesa Sanpaolo S.P.A. [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Germany Development Bank (KFW) [State-owned Bank]
Mashreq Bank [Private Sector]
Royal Bank of Scotland (RBS) [State-owned Bank]
WestLB AG [State-owned Bank]
Natexis Banques Populaires [Private Sector]
Norddeutsche Landesbank Girozentrale (NORD/LB) [State-owned Bank]
Union National Bank (UNB) [State-owned Bank]
Arab Bank [Private Sector]
Intesa Sanpaolo IMI Securities Corp [Private Sector]
IKB Deutsche Industriebank [Private Sector]
DNB ASA [Private Sector]
Nedbank Ltd [Private Sector]
National Bank of Kuwait S.A.K. (NBK) [Private Sector]
Canara Bank [State-owned Bank]
Taiwan Business Bank (TBB) [Private Sector]
Bank of Bahrain and Kuwait [Private Sector]
Bank SinoPac [Private Sector]
Banca Monte dei Paschi di Siena SpA [State-owned Bank]
Dah Sing Bank [Private Sector]
Bank of Kaohsiung (BOK) [Government Agency]
Taiwan Shin Kong Commercial Bank [Private Sector]
State Bank of India (Mauritius) [Private Sector]
Sunny Bank [Private Sector]
State Bank of India International [State-owned Bank]
Chinatrust Commercial Bank [Private Sector]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
Cathay United Bank [Private Sector]
Mega International Commercial Bank Co., Ltd. [Private Sector]
Direct receiving agencies [Type]
Jio-BP (Reliance Petroleum) [Private Sector]
Loan Details
Maturity
8 years
Interest rate
6.092%
Grant element (OECD Grant-Equiv)
10.6583%