PetroVietnam delays foreign bond sales

On Jan. 05, PetroVietnam Group announced that it would delay its sale of overseas bonds. The sale, worth US$1 billion, was set to transpire during the fourth quarter of 2010.

Capital raised through the sale would have been allocated to the group's oil and gas exploration and production sector and business projects in 2011, which requires $5-6 billion in total capital. The group was only able to raise 30 per cent of the capital required.

The group hired Standard & Poors, Moody's Investors Services and Fitch Ratings to rate the credit for the bond sale.

Viet Nam National Coal and Mineral Industry Group (Vinacomin) decided to delay the sale of the $500-million-bonds overseas. The delay of the sale has been blamed on Vinashin's debt.

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