Active Commercial AidData Chinese Aid

ICBC (Asia) participates in $1.5 billion syndicated loan for Jamnagar Refinery Project (Linked to Record ID#96702, 96704, 96705)

$30M USD

Funder	Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))
Recipient Organization	Jio-BP (Reliance Petroleum)
Country	India
Start Date	Oct 13, 2006
End Date	Apr 03, 2033
Duration	9,669 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`96703`

Grant Description

China Construction Bank and ICBC contributions to USD 1.5 billion syndicated loan for first tranche of Jamnagar Refinery Project On October 13, 2006, Jio-BP (Reliance Petroleum) signed a $1.5 billion syndicated loan with China Construction Bank 49 other banks for the Jamnagar Refinery Project.

📋 Loan / Grant Terms

💰 Loan Amounthad a maturity of 7

The interest rate was scheduled to rise to 140 basis points over LIBOR once the refinery came online.

Mandated lead arrangers (MLAs) included ABN Amro, Bank of America, BNP Paribas, BTMU, Calyon, Citigroup, DBS, DZ Bank, HSBC, ICICI, Mizuho, SMBC, Standard Chartered, State Bank of India, Bank of Baroda, BayernLB, Fortis, HSH Nordbank, HVB, ICBC (Asia), Intesa, KBC, KfW, Mashreq, RBS, WestLB, Natexis, NordLB, Union National Bank and China Construction Bank.

China Construction Bank's contribution is captured via Record ID#96702. ICBC (Asia)'s contribution is captured via Record ID#96703.

Other syndicate participants included Arab Bank, Arab Banking Corp, San Paolo IMI, IKB, DnB Nor Bank, Nedbank, Mega International Commercial, National Bank of Kuwait, Cathay United Bank, Syndicate Bank, Taiwan Business Bank, Bank of Bahrain & Kuwait, Bank Sinopac, Banca Monte dei Paschi di Siena, Dah Sing Bank, Bank of Kaohsiung, Shin Kong Commercial Bank, State Bank of India (Mauritius), Sunny Bank, SPI International, and ChinaTrust.

The Jamnagar Refinery is the private sector crude oil refinery owned by Reliance Industries in Jamnagar, Gujarat, India.

📋 Staff Comments

AidData assumes equal contributions ($30 million) across all syndicate participants.
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.
The fees were 70 basis points for an MLA and 65 points for senior lead arranger.
At the same time as this loan, a second $500 million loan tranche was agreed to by all the Mandated Lead Arrangers, including ICBC and CCB (as captured via Project ID#96705 and ID#96704 respectively.

📚 Sources & References

Loan Week
October 6-12 A roundup of the latest syndicated loan market news
Reliance to increase refinery loan after blow-out response
Jamnagar: Refining Indian debt 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

Jio-BP (Reliance Petroleum)

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