BIDV, PV Oil, Binh Son Co. Sign Cooperation Contract

The Bank for Investment and Development of Vietnam (BIDV) has recently signed a credit and guarantee services deal worth between US$500 million-US$800 million deal with PetroVietnam Oil Corporation (PV Oil) and Binh Son Refining and Petrochemical Company, state media reported.

 

Under the triangular pact, BIDV will provide credit and banking services guaranteeing crude oil import and petroleum products’ trading of the two partners.

 

The bank also pledged to apply appropriate lending interest rate to the clients.

 

The refinery's management board-Binh Son company-said that they Nov 30 received the first 80,000 tons of crude oil from Bach Ho oil field supplied by PV Oil for the plant's test run scheduled for Feb 2009.

 

The underway US$2.5 billion oil refinery, with expected products of propylene, liquefied petroleum gas (LPG), lead-free petrol, diesel and fuel oil, will meet 33 per cent of the country’s entire demand for petrol and oil once officially operational in 2010. (Vietnam Economic Times)