Completed Commercial AidData Chinese Aid

China Construction Bank contributes $778.3 million to $3.5 billion loan for acquisition of 20% participating interest in Block 16 and Tivacuno service contracts in Ecuador

$778.3K USD

Funder	China Construction Bank Corporation (CCB)
Recipient Organization	Sinopec Century Bright Capital Investment Limited\|Tiptop Energy Limited
Country	Ecuador
Start Date	Dec 13, 2013
End Date	Dec 22, 2033
Duration	7,314 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105551`

Grant Description

China Construction Bank contribution of USD $778.3 million to USD $3.5 bllion syndicated loan for acquisition of 20% participating interest in Block 16 and Tivacuno service contracts in Ecudaor On December 13, 2013, Tiptop Energy Limited (a special purpose vehicle legally incorporated in Hong Kong) and Sinopec Century Bright Capital Investment Limited signed a $3.5 billion syndicated loan agreement with 17 banks.

📋 Loan / Grant Terms

💰 Loan Amountcarried a 5-year maturity and an interest rate of LIBOR plus a 1

📅 Maturity5 years

It was guaranteed by China Petrochemical Corporation (Sinopec Group). The 17 members of the lending syndicate were from Asia, North America, Europe, Australia, and the Middle East.

They included China Construction Bank Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citi, The Hongkong and Shanghai Banking Corporation Limited, The Royal Bank of Scotland plc, and United Overseas Bank Limited (all of whom acted as the mandated lead arrangers, bookrunners, and underwriters to the loan).

Other participants included First Gulf Bank, Scotiabank, Commonwealth Bank of Australia, JPMorgan Chase Hong Kong Branch, National Australia Bank, Societe Generale, and the Hong Kong Branch of National Bank of Abu Dhabi. China Construction Bank contributed $778.33 million to the loan syndicate.

The borrower was expected to use the proceeds of the loan to facilitate Sinopec International Petroleum Exploration and Production Corporation’s acquisition of a 100% ownership stake in Amodaimi Oil Company, Ltd. from Repsol Ecuador S.A. The acquisition was completed on September 26, 2012.

Its completion effectively granted Sinopec International Petroleum Exploration and Production Corporation a 20% participating interest in Block 16 and Tivacuno service contracts in Ecuador.

📋 Staff Comments

Repsol Ecuador S.A. is a subsidiary of Repsol S.A. (Spain).
Amodaimi Oil Company, Ltd. holds a 20% participating interest in Block 16 and Tivacuno service contracts in Ecuador, both of which are producing assets.
The Hong Kong office of global legal practice Norton Rose Fulbright advised TIPTOP Energy Limited (TIPTOP) and Sinopec Century Bright Capital Investment Limited (Century Bright).
TIPTOP is wholly-owned by Sinopec International Petroleum Exploration and Production Corporation, which is the wholly-owned sole offshore upstream investment platform of Sinopec Group. Century Bright is legally incorporated in Hong Kong and wholly owned by Sinopec Group. It serves as the platform for offshore settlement, financing, FX transactions, cash management, and fund monitoring for Sinopec.
Sinopec Group is one of the largest state-owned petroleum and petrochemical enterprise groups in China. It is under the direct ownership and supervision of the State-owned Assets Supervision and Administration Commission of the State Council, the PRC. Sinopec Group was ranked as the number one Chinese enterprise. It is also China’s second-largest crude oil producer.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

Partner Pablo C. Ferrante
Repsol
S.A. and Subsidiaries: Auditors' Report Consolidated Financial Statements for the year ended 31 December 2013 and Consolidated Management Report
REPSOL INTERNATIONAL FINANCE B.V. Guaranteed Euro Medium Term Note Programme
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Norton Rose Fulbright advises TIPTOP Energy Limited and Sinopec Century Bright Capital Investment Limited on US$3.5 billion loan
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