Vietcombank provides US$65 mln in credit to PV Gas pipeline project

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has agreed to provide VND1.5 trillion (US$65.1 million) in credit for the PetroVietnam Gas Corporation (PV Gas) to finance the second phase of the adjusted Nam Con Son 2 Gas Pipeline Project.

The credit agreement marks a new milestone in the comprehensive strategic partnership established in 2018 between the two State-owned enterprises.

Part of the Master Plan for Vietnam’s Gas Industry Development to 2025 and a vision until 2035, the project is significant for the synchronous development of infrastructure in the country’s gas industry and will help enhance the capacity and flexibility of local gas projects.

The first phase, laying 151 km of undersea pipeline off the coast of southern Ba Ria-Vung Tau province, was completed in 2015.

The second phase will build main pipelines for transporting gas from the Cuu Long and Nam Con Son fields to the mainland.

PV Gas General Director Duong Manh Son said this is a strategic project of the corporation and the comprehensive, long-term strategic partnership it has with Vietcombank will help heighten both sides’ prestige and position.

Vietcombank and PV Gas signed a comprehensive strategic cooperation agreement in 2018, under which the former will provide the latter with financial packages, including project financing, international payments, money flow management, and individual finance, with numerous preferential policies.