Active Mixed AidData Chinese Aid

China Eximbank provides RMB 400 million government concessional loan for Oil and Gas Equipment Acquisition Project

¥400M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	State Bank for Foreign Economic Affairs of Turkmenistan (Turkmenvnesheconombank)
Country	Turkmenistan
Start Date	Dec 14, 2009
End Date	Nov 06, 2027
Duration	6,536 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`57799`

Grant Description

China Eximbank provides RMB 400 million government concessional loan for Oil and Gas Equipment Acquisition Project On December 14, 2009, China Eximbank and the State Bank for Foreign Economic Affairs of Turkmenistan signed an RMB 400 million government concessional loan (GCL) agreement for the Oil and Gas Equipment Acquisition Project.

📋 Loan / Grant Terms

💰 Loan Amountincluded a 20 -year maturity and a 3% interest rate

💹 Interest Rate3%

The borrower was expected to use the proceeds of the GCL to finance a commercial contract between China Petroleum Technology & Development Corporation (CPTDC) and Turkmen state-owned oil company called Turkmeneft (or Türkmennebit or TurkmenOil). The purpose of this project was to facilitate the acquisition of oil and gas equipment by Turkmeneft from CPTDC.

AidData has not yet identified any evidence that this project entered implementation.

📋 Staff Comments

1. Data on amounts outstanding can be accessed via https://tfeb.gov.tm/web/upload/global/2110%20SBFEA_2019_%28eng%29_signed%20%281%29.pdf and https://tfeb.gov.tm/web/upload/global/en%202012.pdf and https://tfeb.gov.tm/web/upload/global/TVEB_eng_2013_final.pdf and https://www.tfeb.gov.tm/page/412. According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Turkmenistan was 4.5-years in 2009. AidData estimates the grace period of the China Eximbank loan by using this figure. See https://www.dropbox.com/scl/fi/k9rnqdib5fdz2vv9fjc4k/August-2024-IDS-Download-Turkmenistan-s-Borrowings-and-Borrowing-Terms-from-Official-Sector-PRC-Creditors.xlsx?rlkey=l952qne9jm8bstvvf6ub9ybiq&dl=0

📚 Sources & References

Ху Цзиньтао прибыл в столицу Туркменистана
Turkmenneft signs contract to purchase oil and gas equipments from China, Туркменнефть заключил контракт на закупку в КНР нефтегазового оборудования, Туркменнефть заключил контракт на закупку в КНР нефтегазового оборудования
State Bank for Foreign Economic Affairs of Turkmenistan Financial Statements for the year ended December 31, 2019
August 2024 IDS Download -- Turkmenistan's Borrowings and Borrowing Terms from Official Sector PRC Creditors
STATE BANK FOR FOREIGN ECONOMIC AFFAIRS OF TURKMENISTAN ANNUAL REPORT 2011
STATE BANK FOR FOREIGN ECONOMIC AFFAIRS OF TURKMENISTAN ANNUAL REPORT 2012 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.