|
MB commits to bankroll $200m
The Military Bank (MB) has pledged to provide loans totalling US$200 million for the National Oil and Gas Group (PetroVietnam) and its affiliates for the period 2009-10.
This was the crucial part of the co-ordination agreement, inked by the two sides yesterday in Ha Noi.
Under the agreement, the loans will target PetroVietnam’s projects, including oil and gas exploration and exploitation both locally and internationally, power plants, energy schemes and real estate among others.
The bank will also provide banking and financial services to PetroVietnam such as consultancy, underwritting for bond issuance, tender and payment.
To commence its commitments, yesterday the two partners also signed a credit contract worth $20 million to finance the PolyPropylen workshop for Dung Quat, the country’s first oil refinery.
This workshop is aimed to diversify petrol product at the plant.
The first petrol products are expected to be released in the market in April. The refinery is slated to reach 70 per cent of its total capacity in June and hit 100 per cent in August. Completion is scheduled for 2010, PetroVietnam chairman Dinh La Thang said.
The group planned to sell 49 per cent stake to foreign partners, with priority given to possible strategic partners from Russia and the Middle East.
Thang said the agreement between the group and the MB was only a part of its co-ordination programme with commercial banks and financial institutions to satisfy huge demand for capital, estimated at VND185 trillion ($10.57 billion) for 2009-10.
The capital would be used to bankroll its key projects of the second and the third oil refineries, power plants of Nhon Trach No 1, Nhon Trach No 2, Vung Ang No 1, Vung Ang No 2, synthetic fibre factory and others.
VietNamNet, VNS
|
