CNPC to fund part of Central Asia-China oil line

China National Petroleum Corp. is seeking a $2.5 billion loan from the China Development Bank for a section of the Central Asia-China natural gas pipeline project, according to local media.

Caijing magazine, citing an unnamed company source, said the money would fund construction of the Uzbekistan section of the pipeline, expected to finish in 2009.

The source said CNPC had to borrow money to help ease funding pressures caused by policy reasons. He did not detail the policies or reasons.

OGJ