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Article: China : Chinese Oil Company Gets $30 Billion Loan for Acquisitions.
- Article from:
- TendersInfo
- Article date:
- September 10, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: rakshali03
China National Petroleum Corp., parent of the state-run oil and natural gas giant PetroChina, announced Wednesday that it had received a low-interest $30 billion loan to finance overseas acquisitions the latest sign that Beijing was deploying its vast cash reserves to ensure that its economy had the resources it needed to keep growing.
The five-year loan from the China Development Bank, a state-run lender, serves a long-term strategy to protect growth and stability, the company statement said, citing the chairman, Jiang Jiemin.
This year, China has spent $12 billion on overseas oil and refining assets alone. The deals include ...