Vietnamese Banks to Fund FPSO Conversion Project

27 July 2010 (Last Updated July 27th, 2010 18:30)

A group of Vietnamese banks led by Vietinbank and PetroVietnam Finance Corporation will loan $227m to PVKEEZ for the conversion of a floating, production, storage and offloading (FPSO) project. The loan will enable PVKEEZ to revamp its FPSO unit of the Chim Sao oilfield offshore.

A group of Vietnamese banks led by Vietinbank and PetroVietnam Finance Corporation will loan $227m to PVKEEZ for the conversion of a floating, production, storage and offloading (FPSO) project.

The loan will enable PVKEEZ to revamp its FPSO unit of the Chim Sao oilfield offshore.

The fund will have a six-year utilisation period and a two-year grace period.

This is the first overseas loan in Vietnam approved by the State Bank of Vietnam under current Vietnamese regulations on credit institutions and foreign exchange control.