PVEP Borrows US$140 Million for Block 15-2/01

Ocean Commercial Joint Stock Bank (OceanBank), Vietnam International Bank (VIB), Military Bank (MB), South East Asia Commercial Joint Stock Bank (SeABank) and Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) signed an agreement to give a syndicated loan worth US$140 million to PetroVietnam Exploration and Production Corporation (PVEP) on October 29, 2012. The credit will help PVEP develop and exploit oil and gas at the Block 15-2/01 offshore Vung Tau City, Ba Ria - Vung Tau province.

 

The credit has a term of seven years. The syndicated loan facility is led by OceanBank. VIB, MB, SeABank and LietVietPostBank reached agreement in structure, term, disbursement time and other credit conditions of the facility to help secure success of the project.