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Overview

China National Chemical Engineering No 14. Construction Co.Ltd (CNCEC) provides 2,479.728 Million Rs joint venture with Ceylon Petroleum Corporation for Bandaranaike International Airport (BIA) upgrading project in 2019

Commitments (Constant USD, 2023)$144,680,041
Commitment Year•2019Country of Activity•Sri LankaDirect Recipient Country of Incorporation•Sri LankaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2019

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 companies

  • China National Chemical Engineering No.14 Construction Co. Ltd

Receiving agencies

State-owned companies

  • Ceylon Petroleum Corporation

Loan description

China National Chemical Engineering No 14. Construction Co.Ltd (CNCEC) provides 2,479.728 Million Rs joint venture with Ceylon Petroleum Corporation for Bandaranaike International Airport (BIA) upgrading project in 2019

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2019, China National Chemical Engineering No 14. Construction Co.Ltd (CNCEC) participated in a joint venture with Ceylon Petroleum Corporation (CPC). The joint venture, which was a self-financing facility for CPC, provided 2,479.728 Million Rs loan to CPC to implement the Bandaranaike International Airport (BIA) upgrading project. 15% of the project is funded by the People's Bank, while the other 85% is self-financed with the help of this joint venture. CPC provided a Severing Guarantee of US$ 43.775 Mn to CNCEC in order to insure the loan. CPC’s annual report for 2019 states that there are no cash flows through the loan. The project involved the upgrading of the aviation refueling terminal and the fuel hydrant systems. Construction began in January of 2018. CPC is the contractor for this project.