Saudi Aramco,ExxonMobil and Sinopec Finalize a 4-Billion Funding Facility for the Fujian Project

摘要

Fujian Refining & Petrochemical Company Limited(FREP),a joint venture between Sinopec,the Chinese province of Fujian,and subsidiaries of Saudi Aramco and ExxonMobil,has completed the arrangement of a limited recourse funding facility worth around 30 billion yuan(4 billion)to finance the expansion of the existing Fujian refinery and the construction of a new petrochemical complex there.The facility,which has been provided by a syndicate of 11 of China's leading banks and Sinopec Finance Company,consists of long-term loans and short-term credits denominated in both yuan and dollars.The yuan tranche is for a 20-year term and the dollar tranche for 15 years.FREP is owned by Fujian Petrochemical Company Limited(FPCL-50%),ExxonMobil China Petroleum and Petrochemical Company Limited(25%)and Saudi Aramco Sino Company Limited(25%).FPCL is itself a joint venture between China Petroleum and Chemical Corporation(Sinopec-50%)and the government of Fujian(25%).Latham & Watkins acted as legal adviser to FREP.