Commodities trader and shipowner Trafigura has joined a group of lenders providing a near-$1bn loan to Chinese independent refiner Shandong Qingyuan.
The finance is backed by future oil sales.
The deal highlights how China is opening up to trading houses, Reuters reported, with Chinese banks scaling down lending in the economic slowdown.
Qingyuan operates a 104,000-barrel-per-day refinery as one of the country's largest independent lubricant producers.
