Business

Japan bank considers funding PetrolVietnam’s gas project

The Japan Bank for International Cooperation (JBIC) is considering funding the Block B&52/97 project of the Vietnam Oil and Gas Group (PetrolVietnam) using loans without a government guarantee.
Japan bank considers funding PetrolVietnam’s gas project ảnh 1General Director of PetrolVietnam Nguyen Vu Truong Son (R) works with a JBIC representative on financial arrangements for the project (Source: VNA)

Hanoi(VNA) – The Japan Bank forInternational Cooperation (JBIC) is considering funding the Block B&52/97 project ofthe Vietnam Oil and Gas Group (PetrolVietnam) using loans without a government guarantee.

General Director of PetrolVietnam Nguyen Vu Truong Son recently worked with JBICrepresentatives on financial arrangements for the project.

According to PetrolVietnam, the project, worth nearly 10 billion USD, is one ofthe two largest gas projects in Vietnam. The capital arrangement for theproject is one of the main concerns of foreign partners involved in theproject.

The Block B&52/97 project’s oilfield development report was approved by contractors andthe State appraisal council, while its environmental impact assessment reportwas ratified by the Ministry of Natural Resources and Environment. The quantitativerisk assessment report was also submitted to the Ministry of Industry andTrade.

As scheduled, the contract will be awarded in June 2018, and the signing of EngineeringProcurement Construction and Installation (EPCI) contracts for the project will be performed in July.

The Block B&52/97 project includes two sub-projects. The first aims to develop the BlockB oilfield, with PetrolVietnam owning the most capital of the project (42.896percent). Other investors are the PetroVietnam Explorationand Production Corporation (26.788 percent), the MitsuiOil Exploration Company (MOECO) of Japan (22.575 percent), and Thailand’s PTT Exploration andProduction Public Company Limited (PTTEP) (7.741 percent).

The remainder is to build the Block B - O Mon gas pipeline with a total lengthof 430km. It is invested by PetrolVietnam, PetroVietnam Gas Corporation(PV Gas), MOECO and PTTEP.

The Block B&52/97 project is expected to bringashore 5.06 billion cu.m of gas per year within 20 years, meeting gas demand ofpower plants in the south.

It is hoped to contribute about 18 billion USD to the State budget.-VNA
VNA
#Japan Bank for International Cooperation #Block B&52/97 #PetrolVietnam #government guarantee #financial arrangement #EPCI contract #Block B - O Mon gas pipeline #Vietnamplus #Vietnam News #Vietnam News Agency
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