Posted on 10/26/2009 7:48:05 AM PDT by markomalley
HA NOI — Three Vietnamese banks will jointly provide a loan of up to US$51 million to the PetroVietnam Exploration and Production Corporation (PVEP) to exploit oil and gas in the Ca Ngu Vang (Gold Tuna) oilfield.
Under a credit agreement signed in Ha Noi on Thursday with the Viet Nam International Commercial Joint Stock Bank (VIB), Asia Commercial Joint Stock Bank (ACB) and the Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB), the PVEP would use the five-year loan to pay for the development and exploitation of oil and gas at the oilfield, located southeast of Viet Nam’s continental shelf.
VIB was the largest provider with $18.62 million or 36.42 per cent of the total credit.
Addressing the signing ceremony, VIB General Director An Thanh Son said that co-operation with the PVEP was a basis for his bank to further develop ties with PetroVietnam (PVN) as well as with other PVN member firms, and it was an affirmation of the bank’s policy of supporting business.
The Ca Ngu Vang oilfield in the Cuu Long Basin, offshore Viet Nam, was prospected in October 2002. A plan for the oilfield was approved in late 2006 with the participation of the PVEP, Soco Viet Nam Ltd of the UK, the PTTEP Hoan Vu Co Ltd of Thailand and the Hoan Vu Joint-venture Company.
Exploitation of the field began in July last year with a daily output of between 10,000 and 20,000 barrels of oil and 25-50 million cu.m of natural gas.
"To meet the demand for loans for the PVN and the economy in general, VIB completed procedures to increase its charter capital from VND2.2 trillion to VND2.4 trillion for the second time of the year," Son said.
The bank would issue 20 million shares for the charter capital increase with a total face-value of VND200 billion, he said. — VNS
It’s interesting to see that the communist regime that we had to spend so much fortune and blood to destroy is becoming more capitalist and freer as we become more totalitarian. What a waste.
My take was that they were investing the (freshly printed) money in something that had a shot of being repaid -- which was distinctly different than what is happening here.
But if I misread, my apologies
At least they get it that it's everywhere and you might as well jump into the market high or low, it's a steady income no matter what.
Our oil companies found this oil offshore in the 1960’s. A person I went to college grew up on the shore in Vietnam. He talked with a persons who found it there.
Yep, and we even facilitate a $2b loan to Brazil to develop deep water offshore drilling, while we watch Cuba license China drilling 45 miles off our own shores. It is like we have a collective suicide wish (and to top it off, China and India just signed a bilateral deal to insulate themselves from the US and UN's global warming insanity).
I remember very well JR was trying to corner the market there but Priscella was messing around, etc, etc,
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