Petechim Borrows US$300Mln from BNP Paribank to Trade Oil Overseas

PetroVietnam Trading Company (Petechim) will borrow US$300 million from France’s BNP Paribank to trade overseas oil, said Nhan Dan (The People) Daily, the mouthpiece of Vietnamese state and ruling party.

 

Petechim and BNP Paribank signed an agreement on the credit in Ho Chi Minh City on June 22, it said.

 

Under the agreement, BNP Paribank will lend US$130 million to Petechim in June.

 

The newspaper didn't give further details to indicate when Paribank will give the remainder of US$170 million

 

Petechim, an affiliate of Vietnam’s state oil monopoly PetroVietnam, said it has signed its first overseas oil trading contact with volume amounting to 2 million metric tons. Its export value is estimated to reach roughly US$1 billion from June to December 2007. (The People June 23 p2) Back to Top