March 2002

Trends and Resources

HP Impact: Huge China JV grassroots project secures financing

A loan package comprising $1.8-billion equivalent in debt financinghas been provided to the Shanghai SECCO Petrochemical CompanyLimited (SECCO). This is the largest debt financing that a Chineseenterp..

A loan package comprising $1.8-billion equivalent in debt financing has been provided to the Shanghai SECCO Petrochemical Company Limited (SECCO). This is the largest debt financing that a Chinese enterprise has entered into since the Asian economic crisis in 1997. It is also the largest loan package provided to a Chinese foreign joint venture (JV) by a combination of onshore and offshore banks since China's entry to the WTO. Total investment cost of the project is estimated at $2.7 billion. SECCO is a Sino-foreign equity JV recently formed by BP Chemicals East China Investments Ltd. (50%), China Petrochemical Company Ltd. (30%) and Sinopec Shanghai Petrochemical Company

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