On 23 December 2011, Sino Oil and Gas Holdings (HKG:0702) entered into a financing agreement with CDB Leasing Co., Ltd. (CLC) under China Development Bank Corporation Limited. Pursuant to the agreement, a facility of RMB1 billion, to be drawn down over two years and with a term of five years, will be granted by CLC to Sino Oil and Gas.

Sino Oil and Gas intends to use the fund from the facility for exploitation and production of coalbed methane in Sanjiao Block. The facility will not only secure reliable and sufficient funding for the exploitation of Sanjiao project, but also facilitate its development and commercialization significantly, the company said.