Three foreign banks will provide a joint credit of US$50 million for the Vietnam Oil and Gas Corporation (PetroVietnam) for the continuing construction of its PM3-Ca Mau gas pipeline project.

Agreements to this effect were signed in Hanoi on March 17 between PetroVietnam and the Calyon Bank, the Chinfon Bank and the Tokyo-Mitsubishi UFJ Bank.

The project, part of the Ca Mau Gas-Electricity-Fertilizer Complex, is expected to cost around US$300 million, including US$160 million in loans provided by the Bank for Investment and Development of Vietnam (BIDV). The remaining US$90 million is sourced from PetroVietnam's capital.