Representatives of PetroVietnam and international banks signed credit contracts at the company's headquarters in Ha Noi on Monday. — Photo PVcomBank

HA NOI (Biz Hub) ― Viet Nam Oil and Gas Group (PetroVietnam) on Monday signed credit contracts worth US$795.25 million with international banks to finance exports and a power project.

The company signed a $330 million contract with the Export-Import Bank of Korea (KEXIM) for its exports.

It also contracted $465.25 million in commercial loans with several banks - the Bank of Tokyo-Mitsubishi UFJ, Citi, HSBC, Mizuho, Overseas-Chinese Banking Corp, Standard Chartered and China Development Bank - to build Thai Binh 2 Thermal Power Plant. Of this amount, $270 million will be guaranteed by KEXIM.

The PetroVietnam-invested factory is under construction in northern Thai Binh Province's Thai Thuy District. It will have a capacity of 1,200MW and produce about 6.7 billion kWh of commercial electricity per year when operational.

The facility is among key projects being built to meet pressing national demand for electricity. It will play an important role in helping change the economic structure of the province and the Red River Delta's east-southern region, said company general director Do Van Hau.

Vietnam Public Bank (PVcomBank), established in September through the merger of PetroVietnam Finance Corp and Western Bank, was selected to arrange the loans and advise on related issues. ― VNS