Van Phong Oil & Gas to borrow $125 mil. for new warehouse

Van Phong Oil & Gas Storage Co. will borrow US$125 million from a group of lenders including Saigon Thuong Tin Commercial Joint-Stock Bank to help pay for construction of an oil storage warehouse in Vietnam.

Sacombank, as Saigon Thuong Tin Commercial is known, will lend $25 million, it said in an e-mailed statement Monday. The rest of the 12- year loan will be provided by lenders including Vietnam Bank for Industry & Trade, the country’s fourth-biggest by assets, Military Commercial Joint-Stock Bank and PG Bank, the financial unit of Vietnam National Petroleum Corp., it said.

Van Phong’s warehouse in the southern town of Nha Trang will be the nation’s biggest for petroleum products with capacity for 500,000 cubic meters when finished in mid-2011, the statement said.

thanhnien, Bloomberg

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