The Shanghai branch of the Agricultural Bank of China – based in East China's city of Shanghai – recently processed the first overseas loan for Zhongman Petroleum and Natural Gas Group Corp Ltd, or ZPEC, in order to meet its overseas project construction costs.

The size of international loans of non-financial enterprises in the Lin-gang Special Area has expanded exponentially. That's in the wake of the launch of implementation rules regarding a pilot reform for Lin-gang, to conduct a high-level expansion of its cross-border levels of trade and investment.

ZPEC is rapidly expanding its oil and gas engineering services. [Photo/WeChat ID: shlgguanweihui]

ZPEC, headquartered in Lin-gang Special Area, mainly makes drilling and petroleum equipment. With oil drilling projects expanding all over the world, its cash flow is rapidly on the rise.

Due to the high cost and the long process of offshore financing, the enterprise wanted to redirect underutilized funds towards overseas projects. The Shanghai branch of the Agricultural Bank of China aided its application for an overseas loan in the wake of the new policy of raising the upper limit of overseas loan quotas.

"The business not only reflects the increase in the loan quota, but more importantly reduces more than 3 million yuan ($44.49 million) per year for the enterprise," said a director of the Shanghai branch of the Agricultural Bank of China.