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Foreign banks loan 280 million USD for gas pipeline project

A group of foreign banks on July 1 signed a contract to loan 280 million USD to the PetroVietnam Gas Joint Stock Corporation for the first phase of the Nam Con Son 2 gas pipeline project.
A group of foreign banks on July 1 signed a contract to loan 280million USD to the PetroVietnam Gas Joint Stock Corporation for thefirst phase of the Nam Con Son 2 gas pipeline project.

The 7-year loan is provided by 11 banks from Thailand, Japan andChina, including Taiwan’s Cathay United Bank, which arranged the credit.

The total investment of the first phase tops 783.6 million USD.

Under this phase, 151.35 km of pipeline will be built to transportgas from Dai Hung and Thien Ung oil fields in the Nam Con Son basin offthe coast of southern Vung Tau city to the land, helping meet theincreasing demand for this kind of fuel in Vietnam’s southeasternregion.

The pipeline is believed to createinfrastructure for oil and gas exploration in the Nam Con Son basin, andthe import of gas in the future.

The Nam Con Son 2 project includes the construction of 325km of pipeline at sea and another 30km on land.-VNA
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