PVTrans Borrows US$175 Mln from Foreign Banks to Buy Oil Tankers
A consortium of foreign banks led by Citigroup will today [November 26] ink a US$175-million credit contract with PetroVietnam Transportation Corporation (PVTrans), an affiliate of PetroVietnam, to facilitate the latter to buy three Aframax oil tankers.
The 13-year loan is provided by Citigroup, Calyon Corporate & Investment Banking, Fortis Bank S.A/N.V, and Societe General under the guarantee of PetroVietnam and Nippon Export Investment Insurance (NEXI), said PetroVietnam.
This is part of PVTrans’s the US$220 million finance that will be used to buy the vessels to transport crude oil for Vietnam’s first oil refinery Dung Quat in central Quang Ngai province.
The underway Dung Quat refinery worth US$2.5 billion, with expected products of propylene, liquefied petroleum gas (LPG), lead-free petrol, diesel and fuel oil, is slated for operation in February 2009.
According to the PVTrans’s development plan from now until2015, the corporation plans to invest up to US$3 billion in developing its vessel fleet to meet transport demand of local refineries and expanding international oil and gas transport services. (Capital Security, Thanh Nien Daily)
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