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22

BP, Japan, China Finance Gas Project in Indonesia

Oil giant BP has signed an $884m loan agreement with Bank of China and Bank of Tokyo-Mitsubishi

Oil giant BP has signed an $884m loan agreement with Bank of China and Bank of Tokyo-Mitsubishi to finance a gas project in Indonesia.

BP has been seeking loans to complete the project in Papua province, a key area for the company's ambitions to build a hub for its liquefied natural gas business in Asia.

The project is expected to produce 7.6 million tonnes of liquefied natural gas a year.