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Construction Bank Supports Gas Transmission Project
China Construction Bank (CCB) announced today that it will give all-round support to the State's key construction project for transmitting natural gas from China's west to its east.
A spokesman for CCB said the bank's support will be given to both upper-reach gas prospecting and lower-reach gas consumption projects. CCB will also provide financial consulting services for building the entire project.
The earlier stage projects for the west to east gas transmission project will cost over 100 billion yuan (about 13 billion U.S. dollars).
CCB has made significant steps to support the State's strategy of developing its western regions. So far the bank has promised to invest 11.2 billion yuan in 76 projects, and has granted credit lines of up to 21 billion yuan to various institutions in the west.
The CCB has channeled its funds mainly to highway construction, potash fertilizer and hydropower projects, the spokesmen said.
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