According to the Sedaye Sama news outlet, QatarEnergy, the state-owned Qatari energy company, has secured a five-year, $3 billion loan from a group of Chinese banks, at a time when it continues to face challenges in delivering significant volumes of liquefied natural gas (LNG) to international markets.

According to informed sources cited by Bloomberg, the loan was provided by Bank of China, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), and China Construction Bank’s Asia branch.

The loan indicates that China continues to provide financial support to Gulf energy companies despite the war against Iran, which has prompted some investors to temporarily pull back.

According to Bloomberg’s sources, QatarEnergy plans to use the loan for general working capital purposes, while Qatar continues to face difficulties delivering LNG cargoes through the Strait of Hormuz.

At the end of last month, QatarEnergy extended its force majeure status on LNG deliveries to Asia and Europe for another month, through the end of November, as LNG traffic through the Strait of Hormuz remains largely blocked due to U.S. actions.

According to Reuters calculations in August, six months after the war in Iran disrupted Qatar’s LNG exports, the country—which is the world’s second-largest LNG exporter—had suffered approximately $24 billion in lost sales as a result of a 96% decline in exports.

LNG flows through the Strait of Hormuz remain more than 75% below pre-war levels.

According to OilPrice, Saad Sherida Al-Kaabi, QatarEnergy’s president and CEO and Minister of State for Energy Affairs, said last month, in response to a question about whether Qatar was considering alternatives to the Strait of Hormuz: “We have decided, based on commercial and technical criteria, not to use pipelines as an alternative.”