Published On: Fri, Jan 5th, 2018

Financial support for Baota Petrochemical Group from ADIB Bank

Oil RefineryWILLEMSTAD - In a letter dated January 2, 2018, the Asia Development and Investment Bank (ADIB) expressed its financial support to Baota Petrochemical Group for the Curaçao 15 million tons refinery renovation project. Baota was presented by Guangdong Zhenrong Energy as the company that will be in charge of the modernization of the oil refinery in Curaçao.

In the letter ADIB indicates that after several discussions with Baota Petrochemical Group, they have signed the Financial Advisory Agreement on behalf of the respective holding companies. ADIB also stated that they agree to provide financial support to Baota Petrochemical Group for the project.

ADIB indicated that the letter is committed to financing the project: Curaçao 15 million tons refinery integrated upgrade project. The project involved a financing amount of USD 3 billion.

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