The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and the Military Joint Stock Commercial Bank have signed a deal to co-sponsor the PetroVietnam Drilling and Well Services Corporation to build a semi-submersible drilling rig.

The 230 million USD key project is part of the Vietnam National Oil and Gas Group (PetroVietnam) development strategy to rent out drilling rigs.

It will be built with the latest cutting edge technology and be put into operation in the Hai Thach and Moc Tinh oil fields, which are more than 300km to the east of Vung Tau as part of the Nam Con Son project.

Vietinbank has already invested hundreds of millions of USD in the Dung Quat oil refinery, the Ca Mau fertiliser and power complex and many other large projects, said its General Director Pham Xuan Lap./.