Vietcombank provides 65 mln USD in credit to PV Gas pipeline project
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has agreed to provide 1.5 trillion VND (65.1 million USD) in credit for the PetroVietnam Gas Corporation (PV Gas) to finance the second phase of the adjusted Nam Con Son 2 Gas Pipeline Project.
At the Nam Con Son Gas Processing Plant. (Photo: Bnews/VNA)
Hanoi (VNA) – The Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank) has agreed to provide 1.5 trillion VND (65.1million USD) in credit for the PetroVietnam Gas Corporation (PV Gas) to financethe second phase of the adjusted Nam Con Son 2 Gas Pipeline Project.
The credit agreement marks a new milestone in the comprehensivestrategic partnership established in 2018 between the two State-ownedenterprises.
Part of the Master Plan for Vietnam’s Gas Industry Development to 2025and a vision until 2035, the project is significant for the synchronous developmentof infrastructure in the country’s gas industry and will help enhance the capacityand flexibility of local gas projects.
The first phase, laying 151 km of undersea pipeline off the coast of southernBa Ria-Vung Tau province, was completed in 2015.
The second phase will build main pipelines for transporting gas from theCuu Long and Nam Con Son fields to the mainland.
PV Gas General Director Duong Manh Son said this is a strategic project ofthe corporation and the comprehensive, long-term strategic partnership it haswith Vietcombank will help heighten both sides’ prestige and position.
Vietcombank and PV Gas signed a comprehensive strategic cooperationagreement in 2018, under which the former will provide the latter withfinancial packages, including project financing, international payments, moneyflow management, and individual finance, with numerous preferential policies./.
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At the Nam Con Son Gas Processing Plant. (Photo: Bnews/VNA)
