PetroVietnam Finance (PVF) soars after loan agreement

PetroVietnam Finance Co. (PVF), the biggest publicly traded company by market value on the country’s main bourse, surged to a record high after announcing a US$90 million loan agreement for oil exploration.

The share rallied for a fourth day, climbing VND1,700, or more than 4.8 percent, to close at VND36,900, the highest since November 3, the day it debuted on the Ho Chi Minh Stock Exchange.

Under the agreement signed Wednesday, the Vietnam Technological & Commercial Joint- Stock Bank and Ocean Bank will give the four-year loan to PetroVietnam Exploration & Production to pump oil from the Song Doc field, PetroVietnam said in an e-mailed statement Thursday.

PetroVietnam Finance will provide $55 million, Ocean Bank will provide $30 million and Vietnam Technological & Commercial Joint-Stock Bank, or Techcombank, will provide $5 million, according to the statement.

The Song Doc field, off Vietnam’s southern coast, started commercial production in December last year with an average output of 21,000 barrels a day, according to the statement. The block can produce 28,000 barrels a day at its peak, it said.

thanhnien, bloomberg

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