PetroVietnam may cancel plan to sell dollar bonds this year: official

Vietnam National Oil and Gas Group (PetroVietnam-PVN) may cancel its plan to sell US dollar bonds this year due to the unfavourable economic conditions, according to the Dow Jones Newswires citing an unnamed official from PVN.
Earlier this year, PetroVietnam said it planned to raise US$500 million to US$1 billion through the issuance of bonds in dollars on international markets from August – November 2011 to finance its oil and gas exploitation projects.

This official said that the PVN may be back to sell the bonds in dollars next year.

In addition, he also said the PVN would raise capital to buy shares of ConocoPhillips in three oil and gas projects off the coast of Vietnam.

Accordingly, PVN will have to offer to purchase such shares prior to the loan of about US$500 to 600 million from banks to proceed with the acquisition. The assets of ConocoPhillips in Vietnam are worth about US$1.5 billion.
Source: Vietbiz24.com

Tags: PetroVietnam

Posted by VBN on Sep 30 2011. Filed under Oil-Gas & Petroleum, Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry