(Yicai Global) Sep. 5 -- China Construction Bank Corp. [SHA:601939] (CCB) has agreed to provide China National Petroleum Corp. (CNPC) affiliate CNPC Capital Co. [SHE:000617] and its subsidiaries a USD9.09 billion (CNY60 billion) intentional credit line.

CNPC Capital has signed a cooperation agreement with CCB, under which CNPC Capital and its subsidiaries will use the intentional credit line for credit dealings with CCB and its affiliates, CNPC said yesterday. The two parties will work together in the areas of clearing, interbank deposits, asset management and supply chain finance.

The agreement will help CNPC Capital broaden its financial business channels, improve its financing efficiency and support the development of its financial business, in line with the needs of its strategic development, CNPC said.

A credit line refers to an arrangement in which a bank grants a company the right to freely allocate and use loans up to a limit based on a long-term and stable credit relationship with the company. The intentional credit line is not the final credit line.