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Mizuho signs memo with local oil firms
The Japanese Mizuho Corporate Bank Ltd (Mizuho) yesterday signed Memorandums of Understanding with the Viet Nam National Oil and Gas Group (PetroVietnam) and PetroVietnam Joint stock Finance Corporation (PVFC) to strengthen its relationship with the parties in Ha Noi.
Under the documents, Mizuho will provide financial services for PetroVietnam's investments by interfacing with the Japanese and global capital markets, syndication debt market, multilateral agencies and export credit agencies.
It will finance PetroVietnam's investment in the Nghi Son Oil Refinery.
The two sides will promote their co-operation with financial institutions, share investment opportunities, and collaborate on banking and finance projects.
PetroVietnam deputy director Nguyen Tien Dung said: "The group needs about US$100 billion to realise its development strategies from now to 2015.
"Besides its ownership capital and commercial loans from local banks and financial institutions, co-ordination with foreign financial organisations such as Mizuho plays a significant role in guaranteeing capital for its projects."
He said PetroVietnam greatly appreciated Mizuho's services as the bank had already funded the group's syndication loans for the Nhon Trach 1 Power Plant and Dung Quat Oil Refinery projects as well as bankrolled loans for the group's affiliates.
"The signing is an important foundation to bolster collaboration between PetroVietnam and Mizuho," he added.
A representative from Mizuho said that his bank paid great attention to projects being implemented by PetroVietnam, including Nghi Son Oil Refinery, because Japanese companies have an interest in the project.
Nghi Son Refinery, located in northern Thanh Hoa Province, has a total investment capital of $7.2 billion. The Kuwait Petroleum International, the Japanese Idemitsu Kosan Co Ltd (IKC) and the Japanese Mitsui Chemicals Group (MCI) and PetroVietnam jointly undertook the project. PetroVietnam is expected to contribute 25.1 per cent of the total investment or $500 million.
Mizuho established a branch in Ha Noi in 1996 and another branch in HCM City in 2006. It is participating in Petrovietnam's Nhon Trach 1 Power Plant's $270 million syndication facility and Petrovietnam's Dung Quat refinery's $250 million syndication facility, and has committed to joining the syndication facilities for several of Petrovietnam's subsidiaries.
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