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Vietcombank, BSR boost affiliation

Update: May, 09/2016 - 09:00

DA NANG— The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) signed an agreement on Saturday to upgrade its partnership with the Binh Son Refining and Petrochemical Co Ltd (BSR).

Under the new agreement, the Quang Ngai-based refinery company will receive assistance from Vietcombank in financing, foreign currency trading, individual lending and card payments, with preferential policies for customers.

Nguyen Hoai Giang, BSR’s Chairman of the Management Board, said that the agreement aims to improve the partnership between the refinery and Vietcombank.

The agreement will create more opportunities for both sides, Giang said, adding that the agreement is designed to tighten the companies’ relationship after a 10-year partnership.

Vietcombank officials said they appreciate the partnership, since BSR is the first Vietnamese refinery, and today leads the industry in Viet Nam, said Nghiem Xuan Thanh, Vietcombank’s Chairman of Management Board.

Thành added that Vietcombank helped finance BSR’s short-term and long-term projects with loans worth VND5 trillion (US$222.2 million).

Binh Son Refining and Petrochemical Co Ltd is assigned to manage and operate the Dung Quat Oil Refinery.

Since the Dung Quat Oil Refinery was first opened in 2009, BSR has earned revenues of VNĐ710 trillion from producing more than 36.2 million tonnes of oil and gas, and contributed VNĐ120.3 trillion to the State budget. BSR has also imported more than 40 million tonnes of crude from overseas suppliers. — VNS

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