Under the MoU between PVN and Mizuho, the Japanese bank will provide financial services to PVN’s investment plan through global and Japanese capital markets, multilateral cooperation organisations and export credit agencies, and sponsor PVN’s involvement in the Nghi Son oil refinery project.

Under the MoU between PVFC and Mizuho, PVFC will promote cooperation among financial organisations and exchange investment opportunities, banking service and project sponsorship.

Addressing the signing ceremony in Hanoi on October 25, PVN Deputy General Director Nguyen Tien Dung said that PVN needed around US$100 billion for its development during the 2010-2015 period. He laid stress on cooperation with foreign banks and finance organisations in ensuring necessary financial sources for development projects.

PVN highlighted Mizuho’s loan to PVN for the Nhon Trach 1 thermal power plant and the Dung Quat oil refinery as well as its pledge to provide loans to PVN affiliates.

Meanwhile, PVFC General Director Nguyen Thien Bao said that both sides will have practical activities following the signing of the MoU.

The General Director of Mizuho Bank in the Asia-Pacific region said that the bank is interested in PVN’s projects, including the Nghi Son oil refinery in which many Japanese companies are involved.

The Nghi Son Oil Refinery project has an estimated capital of US$72 billion, contributed by PVN, Kuwait Petroleum International (KPI), Japan's Idemitsu Kosan Ltd Co (IKC) and Japan's Mitsui Chemicals Inc.