Banks to lend $77.5 mil for building first petroleum bonded warehouse

The State-owned Van Phong Petrol Bonded Warehouse Co. Ltd got a US$77.5-million credit line from a consortium of banks to build Vietnam’s first petroleum bonded warehouse in Khanh Hoa Province.

It signed an agreement June 8 with the Petrolimex Group Commercial Joint Stock Bank, Saigon Commercial Bank (Sacombank), Vietnam Bank for Industry and Trade, and Military Commercial Joint Stock Bank.

The warehouse, to be built in Van Phong Bay, will have a capacity of 500,000 cubic meters, and cost $125 million to build.

As planned, the Van Phong Bay area would house an international petroleum transit terminal.

Construction of the warehouse was approved by the Prime Minister in 2005 under a zoning master plan for the Van Phong Economic Zone.

The Van Phong Petrol Bonded Warehouse Company Ltd is a joint venture between the Vietnam National Petroleum Corporation (Petrolimex) which holds 55 percent, its subsidiary Petrolimex Insurance Joint Stock Company (15 percent), and Singapore's PB Tankers Ltd (30 percent).

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