Việt Nam News

Japan bank mulls PetroVietnam plan

March 14, 2018 - 09:04

The Japan Bank for International Cooperation (JBIC) is considering funding the Block B&52/97 project of the Việt Nam Oil and Gas Group (PetrolVietnam) with loans without a government guarantee.

The Japan Bank for International Cooperation (JBIC) is considering funding the Block B&52/97 project of the Việt Nam Oil and Gas Group (PetrolVietnam) with loans without a government guarantee.– Photo ptsc.com.vn

HÀ NỘI – The Japan Bank for International Cooperation (JBIC) is considering funding the Block B&52/97 project of the Việt Nam Oil and Gas Group (PetrolVietnam) with loans without a government guarantee.

General Director of PetroVietnam Nguyễn Vũ Trường Sơn recently worked with JBIC representatives on the financial arrangements for the project.

According to PetroVietnam, the project, worth nearly US$10 billion, is one of the two largest gas projects in Việt Nam. The capital arrangement for the project is one of the main concerns of foreign partners involved in the project.

The Block B&52/97 project’s oilfield development report was approved by contractors and the State appraisal council, while its environmental impact assessment report was ratified by the Ministry of Natural Resources and Environment. The quantitative risk assessment report was also submitted to the Ministry of Industry and Trade.

As scheduled, the contract will be awarded in June 2018, and the signing of Engineering Procurement Construction and Installation (EPCI) contracts for the project will be done in July.

The Block B&52/97 project includes two sub-projects. The first aims to develop the Block B oilfield, with PetroVietnam owning maximum capital in the project (42.896 per cent). Other investors are PetroVietnam Exploration and Production Corporation (26.788 per cent), Mitsui Oil Exploration Company (MOECO) of Japan (22.575 per cent), and Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) (7.741 per cent).

The second is to build the Block B-Ô Môn gas pipeline having a total length of 430km. PetroVietnam, PetroVietnam Gas Corporation (PV Gas), MOECO and PTTEP have invested in this project.

The Block B&52/97 project is expected to bring ashore 5.06 billion cu.m of gas per year within 20 years, meeting the gas demand of power plants in the south.

It is expected to contribute some $18 billion to the State budget. – VNS

Tags PetroVietnam Vietnam economy news JBIC Block B&52/97

Monetary policy forecast unlikely to loosen further

Economy

PM attends Dominican Republic-Việt Nam business dialogue in Santo Domingo

Economy

New decree on using telecommunications accounts for payment proposed

Economy

Việt Nam resolved to boost digital economy with national action plan

Economy

MM Mega Market recognised among the 'Top 100 Best Places to Work in Việt Nam 2024'

Economy

Green lifestyle changes drive people towards ethanol fuel

More on this story

Economy

Govt seeks more non-cash payments for public services

The Government has set itself a target of collecting 80 percent of tax payments in cities through banks and enabling treasuries in all provinces and cities to have cashless payment systems by 2020.

Economy

Electronics industry needs development: seminar

The consumer electronics industry has developed strongly in recent year but a lot more needs to be done to ensure further development.

Economy

Supporting industries urged to improve competitiveness

Vietnamese companies operating in the supporting industry need to increase competitiveness to be able to enter global supply chains, experts said at a seminar held in HCM City yesterday.

Economy

Property market expected to be stable in 2018

The country’s real estate market in 2018 will maintain mid-term stability, while merger and acquisition in the sector will continue to see strong development.

Economy

Foreign banks’ withdrawal no cause for concern: experts

The trend of foreign financial institutions withdrawing capital from their Vietnamese joint ventures has raised questions about the country’s state of financial stability, but experts claim the situation is no cause for alarm.

Economy

VN government appreciates economists’ feedback: Deputy PM

Vietnamese government leaders always appreciate invaluable feedback on directing the macro-economy from experts and scholars, Deputy Prime Minister Vương Đình Huệ said.

Economy

Banks stock drive VN-Index over peak

A huge cash flow into banking and securities shares in the final minutes of Tuesday’s session on the local stock exchanges drove shares up, with the VN-Index finally exceeding the short-term peak of 1,130 points.

Economy

State earned VNĐ49.2 billion from IPO of VTRI

The State earned VNĐ49.2 billion (US$2.16 million) through the initial public offering of the Việt Nam Textile Research Institute (VTRI) on March 12 at an average auction price of VNĐ21,749 per share.

Economy

Hải Dương attracts FDI worth $185mn

The northern province of Hải Dương attracted US$185 million in foreign direct investment (FDI) in the first two months of 2018, a year-on-year increase of 39.8 per cent.