Wison O&M Secures $631.2M Credit Line from China Minsheng Bank
Wison Offshore & Marine Ltd., the upstream oil and gas arm of China's Wison Group Holding Ltd., reported Monday that it has been granted over $631.2 million (CNY 4 billion) -line of credit by China Minsheng Bank (CMBC) to support its new order financing. This is an important part of the strategic agreement reached by Wison Group and CMBC. According to the agreement, China Minsheng Bank will extend Wison Group a credit line of $789 million (CNY 5 billion), which not only marks a new phase of both parties’ long-term cooperation, but also portrays a clear vote of confidence of CMBC in Wison Offshore & Marine’s future business development.
In recent years, Wison Offshore & Marine has dedicated a high level of resources to the development of its capabilities in floating LNG liquefaction and storage (FLNG) facilities, which are expected to be more fast-track and cost-efficient solutions to monetize and deliver gas to market compared to the land-based solutions. Currently, the world’s first operational FLNG facility is being delivered at Wison‘s yard in Nantong under an engineering, procurement, construction, installation and commissioning (EPCIC) contract with Exmar. Just several days ago, Wison celebrated the keel-laying of Exmar FSRU project, a barged-based floating LNG regasification unit, which is the first China-made FSRU (floating storage regasification unit) undertaken by a Chinese company under an EPCIC contract.
Cui Ying, CEO of Wison Offshore & Marine commented, “We highly appreciate the support and trust from CMBC. Our partnership with CMBC will enhance our financial capabilities and reinforce our investment in expanding our strategic and innovative product portfolios, such as FLNG and Buoyant Tower. ”
“The strong financial support from CMBC also enables us to develop our strategy of becoming a global leader in large-scale modules fabrication to support the large EPC contractors through our world-class fabrication facilities in China. Wison has been always committed to providing first-class products and services at international standards for the global oil & gas industry.” Cui added.
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- China's Wison Completes Test of World's First NG Floating Liquefaction Unit (Sep 28)
- Exmar, PEP to Terminate Liquefaction and Storage Agreement (Mar 09)
- Wison O&M Secures $631.2M Credit Line from China Minsheng Bank (Nov 03)