BNP Paribas Lends $300Mln to Vietnammâs First Oil Refinery
France-based BNP Paribas will provide $300 million credit for Vietnam to build Dung Quat oil refinery, the first of its kind in the Southeast Asian nation.
Permanent Deputy Prime Minister Nguyen Sinh Hung yesterday signed a decision approving the credit and assigned the Ministry of Finance to work on this loan.
The credit has a 13-year maturity period and a three-year grace period
Previously, Vietcombank, Industrial and Commercial Bank of Vietnam (Incombank), Bank for Investment and Development of Vietnam (BIDV) and Vietnam Bank for Agriculture and Rural Development (Agribank), all state-run, provided loans for Dung Quat refinery.
The $2.5 billion Dung Quat Oil Refinery, located in central Quang Ngai province, will process 6.5 million metric tons of crude oil a day. The facility is expected to feed 40 per cent of Vietnamese oil demand after it goes on-stream in 2009.
Its major source of input materials will be crude oil from the Bach Ho (White Tiger) oil field.
The Dung Quat oil refinery is being built by a Technip-led consortium, comprising of France’s Technip, Malaysia’s Technip GeoProduction, Spain’s Tecnica Reunidas and Japan’s JGC.
Vietnam’s state-run oil and gas monopoly PetroVietnam is the investor and operator of the Dung Quat oil refinery. (Youth)
Vietnamese
