Royal Dutch to build $4.5b project<\/p>\n
BEIJING: Anglo-Dutch oil giant Royal Dutch\/Shell and a Chinese
\npartner plan to borrow a record US$2.7 billion from a group of
\nbanks to fund a vast petrochemical project in south China, state
\nmedia said on Saturday.<\/p>\n
The money will be channeled into the construction of the
\nHuizhou complex, a venture with the China National Offshore Oil
\nCorp., which at $4.5 billion is the biggest foreign investment in
\nChinese history, the China Daily said.<\/p>\n
Chinese banks will lend $2 billion, while $700 million will
\ncome from eight foreign banks, including the Japan Bank for
\nInternational Cooperation and the Export-Import Bank of the
\nUnited States, the paper said.<\/p>\n
The rest of the funding will be provided by the two joint
\nventure partners themselves, as each of the companies will pour
\n$900 million into the project, according to the paper.<\/p>\n
The paper said this would constitute the largest financing of
\na private project in the Asia-Pacific region.<\/p>\n
\"The financing for the project has set a benchmark for
\nfinancing in the Asia Pacific region,\" China National Offshore
\nOil Corp. said, according to the paper.<\/p>\n
Once the project is completed in 2005, it is expected to
\nproduce 2.3 million tons of chemical products every year,
\ngenerating up to $1.7 billion in annual products sales. --AFP<\/p>",
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