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Submitted by unname2 on Thu, 12/03/2009 - 09:49
The Vietnam National Oil and Gas Group (PetroVietnam) has secured all the capital it needs to complete the nation’s first oil refinery, thanks to Britain Standard Chartered bank. 

Under the contract signed in Hanoi on December 2, the British bank will be responsible for arranging a total of US$250 million in loans with 11 foreign banks. They will serve as accountant guarantor of the credit package. 

Of US$3 billion budgeted for the construction of the Dung Quat project in the central coastal province of Quang Ngai , US$1.7 billion was to come in the form of loans. 

Earlier, PetroVietnam secured loans worth US$1.45 billion from domestic banks such as the Vietnam Development Bank, the Vietnam Bank for Industry and Trade (VietinBank) and the Bank for Foreign Trade of Vietnam (Vietcombank).

Once completed, by January, 2010 at the latest, the Dung Quat oil refinery will process 6.5 million tonnes of crude a year, meeting some 30 percent of national demand for oil and gas. 

On December 2, PetroVietnam signed an agreement of cooperation in principle with Standard Chartered for another loan package worth US$1.5 billion, under which the British bank will arrange the credit over three years. 

VOVNews/VNA

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