China’s Guanghui Energy gets $700m loan for oil and gas exploration

05 September 2013 10:24  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Xinjiang-based Guanghui Energy said on Thursday that two Chinese banks have agreed to provide a combined loan of $701m (€533m) to the company for the exploration of oil and gas in Kazakhstan.

China Development Bank will loan $669m to the company for the exploration of oil and gas in the S-Main and S-NE blocks of Kazakhstan’s Zaysan field. The Export-Import Bank of China will loan up to $32m for the exploration in the South Imashevsky oil and gas block, according to a statement from Guanghui Energy.

Additionally, Bank of China has agreed to channel necessary funds to support the company’s projects in China, the statement said.

Guanghui Energy is one of the biggest distributors of liquefied natural gas (LNG) in China.

($1 = €0.76)

By: Fanny Zhang
+65 6780 4359

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