Vietnam’s first oil refinery finds financial backing
Banks and financial organisations in the central province of Quang Ngai signed a contract on May 24 to provide loans of US$200 million to the Binh Son Petro-Chemical Company.
The creditors include the Credit Agricole Corporation, the Hong Kong Shanghai Banking Corporation (HSBC), Vietinbank, Indochina Bank, Vietnam International Commercial Joint Stock Bank, Lien Viet Bank, Ocean Commercial Joint Stock Bank and Tien Phong Bank.
The contract will be valid for 12 months. The company was established in June 2008 and aims to provide operational and maintenance services to the Dung Quat Oil Refinery.
The refinery, the first in Vietnam, with a total investment capital of over US$3 billion, is expected to meet about 30 percent of domestic oil and gas demands after it officially goes into operation.
Tags: Vietnam finance, Vietnam financial
Posted by VBN
on May 25 2010. Filed under Banking-Finance, Oil-Gas & Petroleum.
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