China’s CNPC secures $30bn credit line from CDB

09 September 2009 08:43  [Source: ICIS news]

SHANGHAI (ICIS news)--China’s largest oil and gas producer, China National Petroleum Corporation (CNPC), has secured a $30bn (€21bn) credit facility from China Development Bank (CDB), a CNPC source said on Wednesday.

The loan agreement was signed in Beijing on Tuesday. "CDB will supply the $30bn credit line to us over a five-year period," the source added.

"CDB has provided powerful financial support to our industry development, especially ensuring the capital sector for our overseas acquisitions. We believe that things will go smoothly," Jiang Jiemin, CEO of CNPC, said.

($1 = €0.69)

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By: Dolly Wu
+65 6780 4359



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