Eximbank Provides Huge Credit Line for Oil CorpChina Export and Import Bank (Eximbank) and China National Petroleum Corporation (CNPC) signed an agreement Thursday on a credit line of 10 billion yuan in export sellers' credit in the coming five years.According to the agreement, the credit will be used mainly to support the CNPC's export of machinery and electronics products, complete sets of equipment, new and high-tech products, as well as overseas contracted and investment projects. The CNPC is China's largest oil enterprise group. Last year it produced more than 110 million tons of crude oil and 18.8 billion cubic meters of natural gas, and refined crude oil of over 82 million tons. Over the past five years the CNPC scored US$2.66 billion of service and product exports. In 2000 the Eximbank used its export credit to support 23 overseas contracting, processing and investment projects, with a ratified credit of 7.38 billion yuan and US$21.68 million. |
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