Vietnam BIDV to Lend Maximal US$136.16M to PetroVietnam Unit
The state-run Bank for Investment and Development of Vietnam (BIDV) has signed a short-term credit contract to lend a maximal VND2.6 trillion (US$136.16 million) to Binh Son Oil Refining & Petrochemical Co. Ltd (BSR), a unit of Vietnam Oil and Gas Group (PetroVietnam).
The move is aimed to meet BSR’s capital demand for operations, credit guarantee, L/C opening and payment.
BSR is operating the first national oil refinery Dung Quat in the central province of Quang Ngai.
The US$3.054-billion plant is running at its full capacity and had refined into 3.2 million tons of products, and sold three million tons of its outcomes to the domestic market from its first operation on Feb. 22, 2009 through end-May of this year.
PetroVietnam is seeking partners to raise capacity of the plant to 8.5 million per year and plans to seek partners to equitize the refinery in the next two years when the plant operates stably. (Securities Investment)
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