Active Mixed AidData Chinese Aid

China National Chemical Engineering No.14 Construction Co. Ltd provides $43.78 million supplier’s credit for Fuel Hydrant System Project

$43.78M USD

Funder	China National Chemical Engineering No.14 Construction Co. Ltd
Recipient Organization	Ceylon Petroleum Corporation
Country	Sri Lanka
Start Date	Jun 26, 2019
End Date	Oct 02, 2029
Duration	3,751 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`91878`

Grant Description

China National Chemical Engineering No.14 Construction Co.

Ltd provides $43.78 million supplier’s credit for Fuel Hydrant System Project On June 26, 2019, China National Chemical Engineering No.14 Construction Co.

Ltd issued a $43.78 million supplier’s credit (loan) to Ceylon Petroleum Corporation for the Fuel Hydrant System Project.

The Government of Sri Lanka issued a sovereign guarantee in support of the supplier’s credit, which has a final maturity date of January 31, 2031.

The proceeds of the loan were to be used by the borrower to partially finance a $51.5 million contract between Ceylon Petroleum Corporation and WEC Engineers and Constructors Pte Ltd and China National Chemical Engineering Co. Ltd, which was signed in January 2018.

The loan's amount outstanding was $13.5 million as of December 31, 2019, $18.58 million as of December 31, 2020, $21.69 million as of December 31, 2021, $24.89 million as of December 31, 2022, and $26.3 million as of December 31, 2023.

The purpose of the project is to build a fuel hydrant system at Bandaranaike International Airport in Katunayake, which is located 32.5 kilometers north of the island nation's capital of Colombo. The fuel hydrant system will supply Apron E, which has 17 parking bays. WEC Engineers and Constructors Pte Ltd and China National Chemical Engineering Co.

Ltd are the contractors responsible for implementation. As of April 2021, this project had achieved a 55% completion rate.

📋 Staff Comments

This project is also known as the Development & Upgrading Of Existing Fuel Hydrant System & Installation Of A Fuel Hydrant System Project, the Bandaranaike International Airport Aviation Fuel System Project, or the Development & Upgrading of Aviation, Refuelling Terminal & the Existing Fuel Hydrant System and Installation of a Fuel Hydrant System at new Apron-E in par with Phase II Stage 2 Development Project of Bandaranaike International Airport, Katunayake Project.
Established in 1962 and wholly owned by the Government of Sri Lanka, Ceylon Petroleum Corporation is the largest oil company in Sri Lanka.

📚 Sources & References

Annual Report 2019
Sri Lanka Ministry of Finance Annual Report 2019
Director of Projects appointed
Sri Lanka airport fuel hydrant system to East Asia consortium, performance-report-ministry-of-highways-section-of-petroleum-resources-development-2018
CPC resurrects aviation fuel supply project stuck for over 3 years
SVAT RIP Details Report
Aviation Fuel System
BUREAU VERITAS SRI LANKA PLAYS THE KEY ROLE IN INSPECTION
MONITORING AND CERTIFICATION OF THE PROJECT WITH CEYLON PETROLEUM CORPORATION
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
Instrument-wise Details of Central Government External Debt obtained under Foreign Law as at 2022/06/30, 2015 Annual Report Ministry of Finance Sri Lanka
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31 ST DECEMBER 2020
Fabrication and Installation of Fuel Hydrant Pipelines for the New Apron Fuel Hydrant System at Bandaranaike International Airport
Sri Lanka Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Ceylon Petroleum Corporation

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