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CNPC Aided with a Loan of 10bn Yuan
China National Petroleum Corporation (CNPC), the largest petroleum producer known in China, is lately reported to have got a loan of 10bn yuan from Eximbank (China Export-Import Bank). The loan will be used to help it develop export of mechanical and electronic products, complete sets of equipment, hi-tech products and launching overseas investment projects in the coming five years.
As the largest petroleum producer in China, CNPC produced a total of over 110 million tons of crude oil and 18.8 billion cubic meters of natural gas and refined over 82 million tons of crude oil in 2000, an increase of 1.4 percent, 12.3 percent and 7.6 percent respectively. Its economic benefits set historical record. Instead of focusing on domestic market and going in for small-scale low-risk overseas oil production, it has moved to launch large overseas oil undertakings and snowball development in a virtuous circle. Meanwhile, its development of overseas oil projects promoted its overseas contracted projects, technological services and materials and equipment exports. During the 9th Five-year Plan period, more than 150 engineering and services teams had been sent by it to work abroad, providing technological service and undertaking contracted projects and materials and equipment manufacture to a worth of US$2.66 billion.
Eximbank is a strategic financial setup in China. In 2000, it had a sum total of 7.38 billion yuan (US$21.68 million) of loans issued in support of Chinese developers in undertaking 23 overseas contracting, processing and investment projects abroad.
By PD Online Staff Member Du Minghua
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