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CDB provides $30 million loan for 767 km Ethiopia–Djibouti Gas Pipeline Planning Project (Linked to Record ID#60932)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | POLY-GCL Petroleum Group Holdings Limited |
| Country | Ethiopia |
| Start Date | Jul 08, 2016 |
| End Date | Oct 19, 2029 |
| Duration | 4,851 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 69487 |
Grant Description
CDB provides $30 million loan for 767 km Ethiopia–Djibouti Gas Pipeline Planning Project On July 8, 2016, China Development Bank’s Qinghai Branch and POLY-GCL Petroleum Group Holdings Limited [保利协鑫石油天然气集团控股有限公司 or 协鑫（集团）控股有限公司] — a special purpose vehicle that is jointly owned by the state-owned China Poly Group Corporation and the closely held Hong Kong-based Golden Concord Group Limited (GCL) — signed a $30 million loan agreement for the 767 km Ethiopia–Djibouti Gas Pipeline Planning Project.
The proceeds of the loan were to be used by the borrower to finance preparatory work for the 767 km Ethiopia–Djibouti Gas Pipeline Construction Project (captured via Record ID#60932).
Staff Comments
- This project is also known as the Poly-GCL Oil and Gas Project, the Ethiopia-Djibouti Oil & Gas Project, the Ethiopia-Djibouti Natural Gas Project, and the Ogaden–Djibouti Pipeline Construction Project. The Chinese project title is 保利协鑫埃塞俄比亚-吉布提石油天然气项 or 的保利协鑫埃塞俄比亚-吉布提石油天然气项 or 协鑫埃塞俄比亚-吉布提石油天然气项目 or 埃吉油气项目 or 就埃塞-吉布提油气项目.
- POLY-GCL Petroleum Group Holdings Limited [保利协鑫石油天然气集团控股有限公司 or 协鑫（集团）控股有限公司] was legally incorporated on November 7, 2012. Some sources suggest that the Ethiopian Government holds (or held) a 15% ownership stake in POLY-GCL Petroleum Group Holdings Limited. However, most sources identify POLY-GCL Petroleum Group Holdings Limited as a joint venture of China Poly Group Corporation and Golden Concord Group Limited (GCL).
- The Ministry of Finance and Economic Development’s Annual Public Sector Debt Portfolio Report For the Year 2017/18 No.19 suggest that the $30 million CDB loan was contracted by the Government of Ethiopia. This issue warrants further investigation.
Sources & References
- Annual Public Sector Debt Portfolio Report For the Year 2017/18 No.19
- 海外油气吉布提能源项目框架性协议在京签署
- 海外油气与国开行在京签署财务顾问协议
- 中信保圆满完成对埃塞油气项目考察
- 一带一路前沿：非洲四国对华合作样本
- Ethiopia to install natural gas pipeline from Djibouti 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.
All Grantees
POLY-GCL Petroleum Group Holdings Limited
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