OREANDA-NEWS. On 06 July 2009 was announced, that Andrey Akimov, Gazprombank Chairman of the Board, and Lee Zhogu, Export-Import Bank of China Chairman of the Board, signed Loan Agreements in Moscow.

The documents provide financing deliveries of Chinese drilling equipment produced by Honghua International Co.,Ltd and Yantai Jereh Oilfield Services Group Co.,Ltd. companies.

According to the conditions of the signed Agreements financing can be provided for a period of up to 7 years.

Export-Import Bank of China takes Gazprombank’s direct (sure) risk (without involvement of export agency guarantees).

The Loan Agreements were signed as a part of the Basic Agreement (General Loan Agreement) that was concluded during the visit of the Chinese State Council Premier Van’ Dzjabao to Moscow in October 2008. The General Agreement  provides for financing of Chinese equipment deliveries for the amount of up to RUR 300 million.

The equipment is intended for use in the projects of the largest Russian and foreign oil and gas companies in the region of the Western and Eastern Siberia. Operation of the equipment will be performed by "Ariel Oilgasservice" oil-service company.

In future, the Russian and Chinese companies plan to continue cooperation in equipment delivery based on the export financing with participation of Gazprombank and Export-Import Bank of China.