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Overview

Agricultural Bank of China contributes to $1.5 billion syndicated loan to Gazprom in August 2015 (Linked to Record ID#52635 and #98801)

Commitments (Constant USD, 2023)$523,099,191
Commitment Year•2015Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2015
Last repayment (originally scheduled)
Jul 30, 2020

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • Gazprom

Implementing agencies

State-owned companies

  • Gazprom

Loan desecription

BOC, CCB and ABC contribution to $1.5 billion syndicated loan in 2015 to Gazprom

Interest rate (t₀)•3.9899%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In August 2015, a syndicate of 3 Chinese banks (Bank of China, Agricultural Bank of China, and the Beijing Branch of China Construction Bank Corporation) and Gazprom — a Russian state-owned energy corporation — signed a $1.5 billion syndicated loan facility agreement. The loan carried the following terms: a 5-year maturity and an annual interest rate of LIBOR plus a 3.5% margin. The purpose of the loan is not stated in any official documentation. AidData estimates that BOC contributed $500,000,000 (captured via Record ID#98801), that Agricultural Bank of China contributed $500,000,000 (captured in Record ID#98802), and that CCB also contributed $500,000,000 (captured via Record ID#52635) to this syndicated loan.

Staff comments

1. This project is status-coded as in implementation because Gazprom’s financial reports suggest that the loan has disbursed. 2. The exact size of CCB, Bank of China, and ABC's respective financial contributions to the $1.5 billion syndicated loan are unknown. For the time being, AidData assumes that all three members of the lending syndicate contributed equal amounts ($500,000,000).