Barge-buying loan
By Feng Jianmin |
October 12, 2010, Tuesday
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Print Edition
Print Edition
UK-BASED Maritime Construction Services has borrowed 690 million yuan (US$103 million) from China Development Bank to buy a pipe-laying barge built by Shanghai Zhenhua Port Machinery Co, according to an announcement by its brokerage yesterday.
The barge has been laying an oil and gas pipeline on the sea bed from Russia's Sakhalin island since this summer. The project will ultimately provide China with the resources in three years. The loan, believed to be the largest of its kind, will be paid back before the project is completed, according to MSC's brokerage Edison Capital Partners.
The barge has been laying an oil and gas pipeline on the sea bed from Russia's Sakhalin island since this summer. The project will ultimately provide China with the resources in three years. The loan, believed to be the largest of its kind, will be paid back before the project is completed, according to MSC's brokerage Edison Capital Partners.
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