United Energy in a project cooperation agreement with China Development Bank Corporation
The 5-year agreement has a target size of US$5 billion.
According to a statement, the Company is pleased to announce that on 26 October 2012, it entered into a project cooperation agreement with China Development Bank Corporation Hong Kong Branch (“CDBHK”) for a period of five years from the date of such project cooperation agreement with target size of US$ 5 billion in respect of the acquisition of the oil and gas projects of the Group (the “Agreement”). The Agreement refreshes the cooperation agreement signed with CDBHK on 18 December 2010.
During the period of the Agreement, the Group agrees to take CDBHK as its preferred financing partner and CDBHK agrees to provide the Group's projects with financing supporting services including consultancy and planning.
CDBHK also agrees to give preferential consideration to financing applications in respect of the Group's projects. Any financing to be provided under the Agreement may be by way of bilateral or syndicated loans arranged by CDBHK. China Development Bank Capital Co., Ltd., a wholly-owned subsidiary of China Development Bank, will closely cooperate with the Group in relation to equity investment opportunities.
The actual financing terms and conditions and the loan amount for specific projects will be subject to the contract signed by both parties and corresponding approvals and loan documentations.