 |
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.— Photo petrotimes
|
HA NOI (Biz Hub)— 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. — VNS