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Banks loan $150m for offshore oil and gas exploration

Dec 25th at 10:39
25-12-2013 10:39:08+07:00

Banks loan $150m for offshore oil and gas exploration

PetroVietnam Exploration and Production Corporation (PVEP) on Monday signed a credit contract worth US$150 million with Vietcombank and Seabank for oil and gas exploration and production in the technically difficult Blocks 10 and 11-1.

Vietcombank will provide majority of the funding with a $125.25 million loan and Seabank will provide a loan for the remaining $24.75 million.

Under the agreement, the two sides have committed to maintaining a long-term and effective relationship in several related sectors.

PVEP general director Do Van Hanh said technical difficulties have necessitated a large infusion of capital to complete the project.

vietnamnews

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