CNOOC and Shell complete mammoth Nanhai project financing

Chinese Banks continue to dominate the arrangers'' group, but international banks may be starting to gain a foothold

Following a year long syndication period the mammoth $2.7 billion project financing for CNOOC Shell Petrochemicals has closed. The deal was split between a $1.977 billion onshore portion and a $700m offshore tranche that includes a $400m export credit financing.

The borrower is a Sino-foreign joint venture set up by sponsors Royal DutchShell Group, which has a 50% stake, China National Offshore Oil Corp CNOOC, which holds 45% and Guangdong Investment with the remaining 5% share....

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