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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Ltd    601988   CNE000001N05

BANK OF CHINA LTD

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Bank of China : Japan's JBIC signs financing for Van Phong coal station in Vietnam

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04/22/2019 | 03:12am EDT
Man walks past a sign of Japan Bank for International Cooperation (JBIC) at it's headquarters in Tokyo

TOKYO (Reuters) - A consortium of banks led by Japan Bank for International Cooperation (JBIC) approved a nearly $2-billion loan for a coal-fired power plant in Vietnam that critics said breached an international agreement on financing the dirtiest fossil fuel.

The state-owned JBIC signed the loan agreement for $1.99 billion with private banks including Mizuho Bank, Sumitomo Mitsui Trust Bank, MUFG Bank, Overseas-Chinese Banking Corp, DBS Bank and the Bank of China, the bank said in a statement late on Friday.

The loan breaches an agreement signed in 2015 by members of the Organization of Economic Co-operation and Development including Japan to restrict state-backed financing for dirtier coal plants, said Market Forces.

"Van Phong 1 plans to use supercritical boiler technology, which is not allowed under the OECD sector understanding on coal power stations," Market Forces said in a statement.

A JBIC spokesman on Monday said "this project is still in line with the transitional arrangements of the OECD guidelines."

Japanese banks and investors are starting to restrict financing of coal but are still finding ways to support projects.

OCBC and DBS last week announced they would stop financing coal power but would complete existing commitments first, including the Van Phong station, according to media reports.

NGOs including Market Forces and 350.org have in recent weeks taken out full-page advertisements in the Financial Times criticising Japan's support for coal.

The Van Phong project will be nine times more polluting than the average Japanese coal plant, according to the Market Forces release, which cited an environment and social impact assessment.

Burning coal releases huge amounts of carbon dioxide, one of the gases blamed for global warming.

A landmark United Nations report on climate change said last year that keeping the earth's temperature rise to a 1.5 degrees C (2.7 degrees F) target would require "unprecedented" changes to how society consumes energy, travels and builds.

Coal will account for 53 percent of the power generated in Vietnam by 2030, according to its trade ministry.

Vietnam's coal imports in the first quarter this year rose 150 percent from a year earlier to 9.4 million tonnes, according to government's customs data.

Indonesia supplied 40 percent of the coal shipments, while 30 percent came from Australia and the rest from Russia and Malaysia.

(Reporting by Aaron Sheldrick in TOKYO and Khanh Vu in HANOI; Editing by Shreejay Sinha)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LTD -0.77% 3.86 End-of-day quote.7.76%
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Financials (CNY)
Sales 2019 536 B
EBIT 2019 282 B
Net income 2019 186 B
Debt 2019 99 714 M
Yield 2019 4,97%
P/E ratio 2019 6,18
P/E ratio 2020 5,85
EV / Sales 2019 2,30x
EV / Sales 2020 2,16x
Capitalization 1 131 B
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,19  CNY
Spread / Average Target 7,7%
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Managers
NameTitle
Si Qing Chen Chairman
Wan Ming Liu Member-Supervisory Board
Zheng Fei Lu Independent Non-Executive Director
Cheuk Yan Leung Independent Non-Executive Director
Ju Cai Li Non-Executive Director
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1st jan.Capitalization (M$)
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JP MORGAN CHASE & COMPANY16.32%369 412
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BANK OF AMERICA22.08%287 721
CHINA CONSTRUCTION BANK CORPORATION16.33%240 048
WELLS FARGO3.04%215 061