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ICBC Leasing inks $869m deal with BP to lease 18 oil tankers

China’s ICBC Financial Leasing has on Thursday entered into a $869m financing deal with oil major BP over a 10-year lease of 18 oil tankers.

The announcement was made by ICBC amid a series of deals that have been signed during China’s president Xi Jinping’s visit to Britain this week.

Jiang Jianqing, chairman of ICBC, said that the latest deal represents a good opportunity for the financial institution to strengthen its business relations with global oil companies.

As at end-September 2015, ICBC has a portfolio of 318 ships, including those under construction, with a shipping lease assets valued at approximately RMB44.5bn ($7bn).

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