SEABANK SIGNS SYNDICATED LOAN OF VND 500 BILLION FOR PETROLEUM EXPLORATION

01/11/2012

On 29/10/12, the Southeast Asia Commercial Joint Stock Bank (SeABank) has cooperated with 04 other banks to sign Syndicated Loan Allocation Agreement for the production & development of the national key project in Block 15-2/01 (including Hai Su Trang and Hai Su Den Field), which is invested by the Thang Long Operating Company, the subsidiary of Petro Vietnam Exploration & Production Corporation (PVEP), of which the finance from SeABank is USD 25 million.

The project on the development of Hai Su Trang and Hai Su Den Field, Block 15-02/1 offshore in Vung Tau beach is undertaken by the Thang Long JOC. The project’s scope includes detailed designing, procurement, construction, transport and installation, pilot linking Hai Su Trang and Hai Su Den field with total estimated output of 9,000 tons. The guarantee for the project’s success comes from the loan tenor of 7 years with favorable credit terms. PVEP is the upstream unit for Vietnam National Oil and Gas Group (PetroVietnam) with the charter capital amounting to VND 41,000 billion. PVEP has run many oil projects both internationally and domestically, being competitive with regional and global petroleum companies.

With the up to 20 year history of unceasing growth, SeABank is one of joint stock commercial banks that have strong and stable performance. Set toward a professional and prominent retail bank for the benefits of customers, SeABank is currently ranked in Top 10 commercial join stock banks in Vietnam. Currently, apart from the cooperation with PVEP, SeABank also provides credit to many other subsidiaries of PetroVietnam Group.