Overview

Industrial and Commercial Bank of China contributes $312.5 million to $3 billion loan to Abu Dhabi National Oil Company

Commitments (Constant USD, 2023)$324,371,091

Commitment Year•2019Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 31, 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 Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
Citibank, N.A.
JP Morgan
Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

State-owned companies

Abu Dhabi National Oil Company (ADNOC)

Guarantors

State-owned companies

Korea Trade Insurance Corporation (K-sure)

Loan description

2019 syndicated $3 billion loan from BoC, ICBC, and others to Abu Dhabi National Oil Company for unknown purposes in the UAE

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 31, 2019, Bank of China (BOC) (#98895) and Industrial and Commercial Bank of China (ICBC) (#98896) each contributed $300 million and $312.5 million respectively to a $3 billion loan to Abu Dhabi National Oil Company (ADNOC). Other details about the loan are unknown. There are currently seven (7) known members of the lending syndicate. Bank of China (BOC), contributing $300 million, Industrial and Commercial Bank of China (ICBC), contributing $312.5 million, and Santander, contributing $550 million, acted as mandated lead arrangers (MLAs). BofA Securities, contributing $100 million, JP Morgan, contributing $125 million, and Sumitomo Mitsui Banking Corporation (SMBC), contributing $200 million, acted in unknown capacities. The entire loan ($3 billion) was guaranteed by the Korean K-Sure.

Staff comments

1. Other members of the lending syndicate are currently unknown.