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China National Offshore Oil Company Limited (CNOOC Ltd) announced on Friday that its wholly owned subsidiary, CNOOC China Limited, has signed a loan agreement with Export and Import Bank of China to fund an oil project in Nigeria.

The 12.8 billion yuan (US$1.6 billion) loan will be used for the company's operations in Nigeria and for general capital expenditure for other projects, said CNOOC Ltd. in a statement.

With a tenor of 10 years, the loan has its interest rate fixed at 4.05 percent.

According to CNOOC Ltd, the company has the right of pre-repayment without any penalty and its debt to capitalization ratio will still be under 25 percent.

CNOOC Ltd acquired a 45 percent working interest in an offshore oil mining license "OML 130" in a US$2.6 billion deal concluded in April.

The proceeds will be used mainly for operations in Nigeria, said Xiao Zongwei, spokesman of CNOOC Ltd. The interest rate is favorable because it is a special loan for an overseas project of the China Export and Import Bank, he added.

Yang Hua, Executive Vice President and CFO of CNOOC Ltd said CNOOC Ltd has always pursued prudent financial discipline. CNOOC Ltd believes the loan will further optimize its capital structure and potentially enhance shareholders' return, said Yang.

Incorporated in Hong Kong, CNOOC Ltd. is a 70.64 percent held subsidiary of China National Offshore Oil Corporation, China's largest offshore oil producer.

(Xinhua News Agency June 3, 2006)