QatarEnergy Secures $3 Billion Syndicated Facility From Four Major Chinese Lenders

State-owned QatarEnergy has secured a five-year, $3 billion syndicated loan from four major Chinese commercial lenders, according to people familiar with the matter reported by Bloomberg. The participating institutions are Bank of China Ltd., Industrial and Commercial Bank of China Ltd. (ICBC), Agricultural Bank of China Ltd., and China Construction Bank (Asia) Corp.

The credit facility was priced at 50 basis points over the Secured Overnight Financing Rate (SOFR). The proceeds from the transaction are earmarked for general working capital purposes. Representatives for QatarEnergy and the four lending banks did not respond to requests for comment.

The transaction brings Chinese bank lending to Gulf borrowers in syndicated deals to approximately $2.3 billion year-to-date, in line with lending volumes from 2024. This follows a jump in Chinese syndicated lending to the Gulf that reached a record $11.5 billion last year, excluding bilateral loans, according to Bloomberg-compiled data.

The financing coincides with other recent Chinese banking activity in the Gulf, including a $300 million facility secured by Kuwait's Boubyan Bank with participation from Bank of China and ICBC, while Qatar National Bank is currently seeking a $2 billion loan with ICBC serving as a mandated lead arranger and bookrunner.