Japan funds Nghi Son oil refinery factory project

Japan’s Mizuho Bank will provide US$6 billion to the Nghi Son oil refinery factory project in Vietnam.

The announcement was released at a signing ceremony for a memorandum of understanding (MoU) between the Vietnam National Oil and Gas Group (PVN) and Mizuho Bank recently.

Under the MoU, Mizuho will provide financial services for the investment and development plan of PVN through the Japanese and global capital markets.

Major investors in the project were PVN, the Kuwait Petroleum International, Idemitsu Kosan Corporation and Mitsui Chemicals Company from Japan. PVN contributed 25 percent of total investment capital.

Mizuho also considered a funding for capital contribution by PVN in the Nghi Son oil refinery factory project in the northern province of Thanh Hoa. This factory is expected to be completed by 2023 with a total investment of over US$6 billion.

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