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Billion-Yuan Loan for Shanghai Petrochemical' Technological Upgrading
The Shanghai Branch of the Industrial and Commerce Bank of China (ICBC) and Shanghai Petrochemical Corporation signed a deal yesterday on a 1.55 billion yuan loan for the company's technological upgrading project.
Under the deal, the loan will be used by the petrochemical company to upgrade the 700,000 ton ethane production project, expected to cost 4.92 billion yuan.
In addition to the loan, the largest sum ever lent to the company, the bank will also provide other financial services for the company.
ICBC is one of the leading commercial banks in China.
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