Saturday, August 15, 2020

China Development Bank News

China, Venezuela Discuss Oil-related Cooperation

A senior official of China's National Development and Reform Commission (NDRC) and Venezuela's finance minister held discussions in Beijing on Wednesday about oil-related cooperation between the two countries. Earlier in the week, Venezuela said it will receive $250 million from the China Development Bank to boost oil production. The South American country previously accepted a $5 billion loan from China…

Naftogaz asks for China Energy Loan Extension

Ukrainian state energy company Naftogaz has asked a Chinese state bank to extend the deadline by which Naftogaz must submit project proposals to qualify for a loan worth $3.5 billion, the chief executive of a Naftogaz subsidiary said on Monday. It is the latest twist in a long-running saga over a loan agreement that Ukraine, under a previous president, had signed with the China Development Bank (CDB) in 2012.

Petrobras Signs $5 bln Chinese Financing and Oil Supply Deal

Petróleo Brasileiro SA (Petrobras) has signed definitive terms for a $5 billion, 10-year financing agreement with China Development Bank Corp and an oil supply accord with Chinese companies, as the Brazilian state-controlled oil company seeks to secure a stable stream of revenue and funding for the coming years. In a securities filing, Petrobras said the financing deal was signed Thursday.

China Suitor Tightens Grip on Curacao Oil Project

China's Guangdong Zhenrong Energy Co will submit a plan by April to revamp a century-old oil refinery in Curacao, as it seeks to secure a $5.5 billion project that will give China a foothold in the Caribbean's second-largest oil refinery. Guangdong Zhenrong, a commodity trader with strong backing from Beijing, signed a binding framework pact with Curacao's government on Nov.

Yamal LNG Project Received €780 Mln in Chinese Loans in July

Photo: Novatek

The Novatek-led Yamal LNG project in Russia received financing in July worth about 780 million euros from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published on Tuesday. The 15-year loan deals, of 9.3 billion euros and 9.8 billion yuan ($1.48 billion), were signed by the two Chinese financial institutions in late April.

Angola Halves Growth Forecast, Cuts Spending as Oil Price Bites

Angola has halved its 2016 economic growth forecast and slashed government spending as lower oil prices hammer state revenues in Africa's largest crude exporter, the finance ministry said on Monday. Sub-Saharan Africa's third-largest economy will grow 1.3 percent this year, compared with a previous forecast of 3.3 percent, the finance ministry said in a statement.

Floating Production's Future: The 6 Things You Need to Know Now

Bonga FPSO (Photo: Shell)

No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting.

Petrobras Reinventing Itself after Oil Price Drop -CFO

Ivan Monteiro (Photo: Petrobras)

Brazil's state-controlled oil company Petrobras is being forced to turn itself into a smaller operation as crude prices have fallen more than expected, making it impossible to finance its once-ambitious plans, the company's chief financial officer said on Tuesday. CFO Ivan Monteiro made the comment on a conference call with investors a day after Petroleo Brasileiro SA…

Chinese Loan to Petrobras may Clear most Debt

Petrobras Headquarters

A Chinese loan of up to $10 billion to Brazil's Petrobras could pay nearly all its $12 billion in maturing obligations in 2016, easing pressure on the oil company as it struggles to fix its troubled finances by selling assets and slashing spending. The credit line to Petroleo Brasileiro SA, as state-run Petrobras is formally known, is from China Development Bank and was announced on Friday.

Petrobras Obtains $10 bln Financing from China

Petrobras Headquarters

Brazil's state-run oil company Petroleo Brasileiro SA, or Petrobras, said on Friday it had agreed on the terms of a deal to obtain $10 billion in financing from China Development Bank. Petrobras, the world's most indebted oil company, said in a securities filing the agreement included supplying Chinese companies with fuel, similar to a deal reached in 2009. (Reporting by Caroline Stauffer and Brad Haynes; Editing by Diane Craft)

Sinochem, Sonangol Ink 10-year Supply Pact

China's state-run Sinochem Group said on Wednesday it had signed a deal with Angolan state-owned producer Sonangol to buy crude oil for more than 10 years. The statement on the Chinese company's website did not give details of the supply amount or other financial details, but trading sources said the agreement was for four or five cargoes per month, which would make the company one of the largest holders of monthly contracts to buy Angolan crude.

Petrobras Gets $ 1.5 bln from CDB

Petrobras

Petrobras has received today, through its wholly owned subsidiary Petrobras Global Trading BV - PGT, the resources of the financing arranged on May 20, 2015, with the China Development Bank - CDB, for the value of US $ 1.5 billion. As reported by the Company on May 20, when receiving these resources, the total value contracted in the CBD during 2015 totaled US $ 5 billion.

Petrobras, CDB Ink Funding Deal

Petrobras

Petrobras yesterdy signed a cooperation agreement with the China Development Bank (CDB) for the years 2015 and 2016. The deal encompasses funding of US$3.5 billion already disbursed, as announced on April 1, and an additional disbursement of US$1.5 billion, adding up to US$5 billion in 2015. The agreement was signed by Petrobras CEO Aldemir Bendine and CDB Chairman Hu Huaibang at a ceremony in Brasília.

Petrobras Inks $5b Funding Deal with Chinese Bank

Petrobras informs that it has signed with China Development Bank Corporation (CDB) a cooperation agreement for the years 2015 and 2016. This agreement includes funding of $3.5 billion, already disbursed, reported by Petrobras to the market on April 1, 2015. In addition, $1.5 billion will be disbursed totaling $5 billion in financing in 2015. The agreement was signed by Petrobras President…

Petrobras Prepares Brazil Bond Offering

Petróleo Brasileiro SA is preparing an offering of debt notes in Brazil's domestic markets that could be sold as early as next week, two sources with direct knowledge of the situation said on Tuesday. Rio de Janeiro-based Petrobras, as the state-controlled oil producer is known, seeks at least 3 billion reais($983 million) with the transaction, said a first source, who requested anonymity since the plan is in the works.

China Solar Expansion Needs Billions from Wary Investors

Chinese solar companies, some already heavily indebted, will need to raise many billions of dollars this year to fund a big expansion in capacity, a major test of investor confidence in a sector hit hard by the global financial crisis. Beijing last month announced a solar installation target of 17.8 gigawatts (GWs) for 2015, up 70 percent on the previous year…

Petrobras Inks Financing with China Development Bank

Brazil's state-run oil company Petrobras signed a $3.5 billion financing deal with China Development Bank as part of a cooperation agreement covering 2015 and 2016, according to a securities filing on Wednesday. Ivan Monteiro, chief financial officer of the company known as Petroleo Brasileiro SA, signed the accord on a visit to China and confirmed their intention to cooperate in the future, Petrobras said in the filing.

China Loaning Sonangol Billions for Oil Projects

China's Sinopec has joint venture with Sonangol; Angola cash-strapped after oil price slump. China will lend Angola's Sonangol $2 billion to expand oil and gas projects, the state energy company said, helping to cement Beijing's influence in Africa's second-largest oil producer. The Chinese funds will provide welcome relief for Angola, which has been hit by a nearly halving of oil prices since June…

Italy's Local Utility Shake Up Seen Tempting China

Italy's plan to reduce energy prices by pushing local government out of utilities and promoting mergers is likely to create larger, more efficient companies that could also appeal to foreign buyers, such as the Chinese. Last week, the government of Matteo Renzi introduced a 2015 budget to stimulate the economy which contained proposals to offer incentives to public owners to sell their stakes in local service companies.

Russia Inks Deals with China

Russia and China signed energy, finance and trade deals on Monday hailed by Moscow as evidence a policy turn towards Asia will help it weather Western sanctions imposed over the Ukraine crisis. The agreements, signed during a visit to Moscow by Chinese Premier Li Keqiang, built on moves by President Vladimir Putin to look east for business and financing that are now out of bounds in the United States and the European Union.