Gazprom and the Bank of China have signed an agreement granting the Russian gas monopoly a €2 billion loan for a period of five years as reported by the press service of the company.
It is the largest funding deal coming directly from one credit institution in the history of Gazprom. It was also noted by the company that it was the first bilateral loan agreement with the Chinese Bank.
In August 2015 Gazprom secured a loan from a consortium of Asian Banks for $1.5 billion at LIBOR + 3.5% for five years. The Corporation China Construction Bank served as the agent for the deal.
The Bank of China is a large international banking group whose activities include banking operations, investment activity and services in the field of insurance and leasing. The total value of assets is more than 16 trillion Yuan ($2.4 trillion).