PetroVietnam bags US$20 mln finance to build polypropylene workshop for Dung Quat refinery

13-Apr-09

Vietnam's state-owned oil and gas major, Petrovietnam has inked a credit contract worth US$20 mln with Military Joint Stock Commercial Bank (MB) to construct a polypropylene workshop for the nation's sole Dung Quat Oil Refinery. The investment is slated to expand the downstream products produced by Dung Quat Oil Refinery. Dung Quat Oil Refinery is the nation's first refinery which touted to touch 70% capacity in June. Apart from this, MB will also provide additional US$200 mln credit to PetroVietnam and its subsidiaries between 2009-10 for initiating several oil exploration and exploitation activities locally and outside Vietnam. This also includes power generation and energy projects.