Financing Strategy Study Of SH Coal Liquefaction Project

In the wake of rapid development of china economy, in recent years, many sorts of domestic giant chemical projects were built or are under planning, investment of each of these projects reach billions of US dollar. Such kinds of huge capital demands are imposing new requirements to the sponsors of projects, projects themselves as well as the financial institutes which provide capital and service to the projects. Along with development and deregulation of financial market, it becomes a joint subject for enterprises and financial institutes to study and find out the evolved financing modes that are acceptable to both enterprise and bank.In the firt two chapters, this thesis backgrounds the relavant therories and outline of SH Coal Liquefaction Project, and expounds the significance of studying the financing modes of this project. Moreover, this thesis proposes five financing strategies possibly appropriate for SH Coal Liquefaction Project based on the theoretic foundation and with combination of concrete characteristics and sponsors as well as including of financing experiences of many last projects, epecially giant joint-venture projects carried in recent years.From chapter 3 to chapter 6, this thesis makes systamtic analysis for the five financing strategies mentioned above from aspects of factors enouncted during execution of project, including: legislative environment of project; contract structure of different financing modes; risks faced by the project during the course of ececution as well as risk allocation and mitigation under different financing strategies; financing channels; souce of debt and financing cost; etc. In addition, in chapter 8 this thesis conducts direct comparison of all five financing strategies proposed from the beginning, and then concludes the best one applicable for the SH Coal Liquefaction Project with a simple financing plan.