Banks sign US$880m loan deal for LNG terminal
(Agencies)
Updated: 2004-04-30 15:52

Five State-run banks signed Friday a loan agreement to finance the US$880 million construction of China's first liquefied natural gas terminal in the southern province of Guangdong, lawyers advising on the deal said.

The Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank and China Development Bank signed agreements for the Guangdong LNG Terminal & Trunkline Project, White & Case LLP said in a statement.

"With ABN Amro serving as a financial adviser, the Chinese banks are providing financing to the US$880 million Guangdong LNG project for the development of a 3 million metric ton LNG receiving, storage and regasification terminal and a 213 kilometer pipeline for gas distribution," the statement said.

Developed by BP Plc (BP) and State-run China National Offshore Oil Corp, the project will provide gas to cities in Guangdong province and neighboring Hong Kong.