China To Hand $1.2B Loan To Ghana For Jubilee Projects

Law360, New York (July 18, 2012, 6:15 PM EDT) -- China Development Bank Corp. will reportedly start releasing $1.2 billion of a $3 billion loan to Ghana by the end of August, providing the funding needed for the African nation to build a gas pipeline and processing plant in the country's offshore Jubilee oilfield.

Ghanian Deputy Finance Minister Seth Terkper told the state-run China Daily newspaper on Tuesday about the plan, adding that the entire loan will fund a total of 12 projects. China Petroleum & Chemical Corp. will perform the pipeline and plant construction, according...
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