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Overview

ICBC contributes to $75 million syndicated loan to Compañía General de Combustibles for working capital and export financing purposes

Commitments (Constant USD, 2023)$19,462,265
Commitment Year•2019Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•ArgentinaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 21, 2019
First repayment (originally scheduled)
May 21, 2020
Last repayment (originally scheduled)
May 21, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Argentina) Limited (ICBC (Argentina))

Cofinancing agencies

Private Sector

  • Banco de Galicia and Buenos Aires S.A.U.
  • Banco Santander Río
  • Citibank, N.A.

Receiving agencies

Private Sector

  • Compañía General de Combustibles S.A. (CGC)

Implementing agencies

Private Sector

  • Compañía General de Combustibles S.A. (CGC)

Loan description

ICBC contribution to USD $75 million syndicated loan to Compañía General de Combustibles for working capital and export financing purposes

Grace period•1 yearsGrant element•0.3555%Interest rate (t₀)•9.5%Interest type•Fixed Interest RateMaturity•2 years

Narrative

Full Description

Project narrative

On May 21, 2019, Citibank N.A., Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Río S.A. issued a $75 million loan to Compañía General de Combustibles S.A. for working capital and export financing purposes. The loan carried a 9.5% interest rate. The loan was to be repaid in five quarterly, equal and consecutive installments, payable from May 21, 2020 to May 21, 2021.

Staff comments

1. The precise monetary value of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($18.75 million) across the four members of the syndicate. 2. Compañía General de Combustibles (CGC) is an Argentine company founded in 1920 dedicated to the exploration, development and exploitation of natural gas, oil, and LPG (upstream) and gas transportation (midstream). Upstream activities are carried out mainly by the company, while gas transportation is carried out through associated companies. CGC is present in the Austral, Northwestern, Golfo San Jorge, Cuyana, and Neuquina oil & gas basins in Argentina. Moreover, CGC has a stake in Termap, a port terminal operator in Patagonia. With respect to gas transportation, CGC indirectly owns 28.23% of Transportadora de Gas del Norte (TGN) through their investment in Gasinvest, which is co-owned with Tecpetrol. Likewise, the group has a 40% stake in Gasandes Argentina, a 40% stake in Gasandes Chile, and a 15.8% stake in Transportadora de Gas del Mercosur (TGM). 70% of CGC’s equity is owned by Corporación América through Latin Exploration SLU, while the remaining 30% is owned by another Argentine conglomerate, Comercial del Plata