The signing ceremony of the 300 million USD credit loan contract between Petro Vietnam Exploration Production Corporation (PVEP) and a group of foreign banks took place in Hanoi on January 18.
The loan is to fund PVEP’s domestic and international exploration over the next five years. It will play an important part in PVEP’s increasing exploration and exploitation activities this year with total investment in 2013 reaching 1.9 billion USD.
PVEP is part of the Vietnam National Gas and Oil Group, and has 46 domestic and 19 international active projects.-VNA