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 Guantao Law Firm advises China Development Bank on issuing USD loans in the North Kuwait Jurassic Project 

China Development Bank and a wholly owned subsidiary of Yantai Jereh Oilfield Services Group Co., Ltd. (“Jereh Group”, stock code: 002353) have recently signed the contract of mid and long-term foreign currency fixed-asset loan. The bank would grant loans denominated in US dollars, aiming to help its advancement and implementation of its Phase 5 North Kuwait Jurassic Project (North Kuwait Jurassic Project). Jereh Group provided guarantees for this loan project. 

North Jurassic Project, based in the North Kuwait Jurassic Gas Field, is a key strategic production project in 2022-2023 of Kuwait Oil Company (KOC). By quickly building oil, gas, and water production facilities through skid packages, it aims to meet the increasing demands at the local market, accelerate the development and utilization of the natural gas resources at the local place, and transform to clean energy structure. The production facilities of the North Jurassic Project are expected to manage 50,000 barrels of crude oil per day and 150 MMscfd qualified natural gas.

Kuwait is the fifth biggest oil producer in Organization of the Petroleum Exporting Countries (OPEC). Kuwait Oil Company is a subsidiary of Kuwait Petroleum Corporation (KPC), one of the globally leading petroleum producers, which works in the exploration, drilling and production of petroleum and natural gas, as well as storage and export of crude oil in Kuwait. 

Guantao Law Firm helped China Development Bank carry out the above-mentioned loans. It provided legal service throughout the process, including carrying out legal due diligence, drafting and modifying agreements, participating in negotiations, offering legal opinions and so on. 

Attorney XU Rongyuan, partner of the firm, attorney ZHU Xiaoya and attorney MAO Yaqian worked for China Development Bank in this project with efficient, quality, and professional legal service, which was highly valued by the client.