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Memorandum of Understanding for Financing Cooperation Between GDF SUEZ and ICBC - GDF SUEZ and Industrial and Commercial Bank of China Limited (“ICBC”) have signed a Memorandum of Understanding (“MoU”) for Financing Cooperation on a non-exclusive basis - ICBC.com.cn / GDFSUEZ.com
Memorandum of Understanding for Financing Cooperation Between GDF SUEZ and ICBC

 

NewswireToday - /newswire/ - Paris, France, 2011/08/11 - GDF SUEZ and Industrial and Commercial Bank of China Limited (“ICBC”) have signed a Memorandum of Understanding (“MoU”) for Financing Cooperation on a non-exclusive basis - ICBC.com.cn / GDFSUEZ.com. FR0010 208488

   
 
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This MoU aims at supporting GDF SUEZ in the financing of its projects throughout the world, in particular in Asia Pacific and in China. It will be deployed across GDF SUEZ Group’s businesses (gas, power, water and waste, energy efficiency services).

This agreement follows the MoU on global strategic partnership signed yesterday between GDF SUEZ and China Investment Corporation (“CIC”), within which GDF SUEZ E&P will welcome CIC as a new minority investor for its development.

This MoU signed today further develops the relationship between ICBC and GDF SUEZ, two global leaders in their respective sector, and leverages both on the cooperation agreement between CIC and GDF SUEZ as well as ICBC’s “affiliate” status with CIC.

Several possible forms of financing cooperation are contemplated in the MoU, including:

• New credit lines made available to GDF SUEZ at the corporate level that would allow to support the Group’s growth opportunities;
• Other forms of credit support such as multi-year guarantees, performance bonds and letters of credit;
• Specific case-by-case project financing;
• Potential creation of Hong-Kong-based vehicle(s) to finance specific projects or portfolio of projects in China in which GDF SUEZ is involved in, assisting GDF SUEZ in best serving its customers in China;
• Potential similar structures for GDF SUEZ projects outside China, wherever ICBC wants to further grow its already important presence and footprint;
• Utilisation of ICBC financial engineering expertise to optimise financing terms and conditions for GDF SUEZ.

Gérard Lamarche, Executive Vice President and Chief Financial Officer says: “We are very pleased to enter into this MoU with ICBC as a second major step of our new partnership with CIC. This cooperation will strongly strategically and financially support GDF SUEZ Group’s development throughout Asia Pacific and China”.

About ICBC
ICBC (icbc.com.cn) is the top large listed bank in the world in terms of market capitalisation, profitability, customers’ deposits and brand value, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. It provides comprehensive financial products and services to more than 4 million corporate banking customers and approximately 260 million personal banking customers by virtue of the distribution network consisting of approximately 16,000 domestic institutions, 203 overseas institutions and approximately 1,500 correspondent banks worldwide, as well as through its E-banking network comprising a range of internet and telephone banking services and self-service banking centres, basically forming an internationalised trans-market operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in commercial banking areas.

Contact
Industrial and Commercial Bank of China Limited:
Kun WANG - T: + 33(0)1 40 06 58 58 / E: kun.wang[.]fr.icbc.com.cn.
Qide YU - T: + 33 (0)1 40 06 58 66 / E: qide.yu[.]fr.icbc.com.cn.

About GDF SUEZ
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,350 people worldwide and achieved revenues of €84.5 billion in 2010. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.

Investor relations contact:
T: +33 (0)1 44 22 66 29 / E: ir[.]gdfsuez.com.

 
 
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Written by / Agency / Source: GDF SUEZ | ENGIE

 
 

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Memorandum of Understanding for Financing Cooperation Between GDF SUEZ and ICBC

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GDF SUEZ | ICBC
Publisher Contact: Press Office - GDFSUEZ.com 
+33 (0)1 44 22 24 35 gdfsuezpress[.]gdfsuez.com
 
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