Review Meeting over the implementation of Algeria Block A433a & 416b between SeABank and PVEP

 

SeABank’s delegate included Mrs. Lê Thu Thủy – Board of Directors Vice Chairman, Mr. Lê Quốc Long – Deputy General Director, Mr. Hoàng Mạnh Phú – Director of SeABank Láng Hạ, the branch in charge of the credit deal with PVEP and leaders of Corporate Banking Division, Individual Customer Division. From PVEP, Ph.D Đỗ Văn Khạnh – General Director, Mrs. Vũ Thị Ngọc Lan - Deputy General Director along with other senior managers attended the Meeting.

Leaders of SeABank and PVEP exchange information regarding the implementation of Algeria Block 433a & 416b project

At the Meeting, Mr. Đỗ Văn Khạnh - PVEP General Director shares that currently PVEP has 60 oil & gas exploration, exploitation projects of which 43 projects are in Vietnam and 17 abroad. In 2014, PVEP has succeeded in putting 7 new mines into exploitation contributing to the increase in production and income for the Corporation. Two other mines are expected to produce oil by the end of 2014. Especially, South West Golden Lion is the latest mine to be put into production only after 10 months setting a record in terms of time for mine exploration in Vietnam Oil & Gas industry.

He also reveals that Block 433a and 416b Algeria oil & gas exploration and exploitation project was kicked off by PVEP in 2002 with initial investment of up to USD 900 million. Until now, when the Project had been explored, appraised with positive efficiency, high oil reserve and good oil quality, PVEP signed a credit contract with SeABank and Vietcombank to implement the Project according to the schedule. As expected, the Project’s First oil shall be produced in 12/2014. It shows that the Project is kept on track and ensures its return of investment as scheduled and proves the capacity and reputation of PVEP.

On behalf of SeABank’s Management, Mrs. Lê Thu Thủy presents a picture to PVEP’s leader marking initial achievements between the two parties

Mrs. Lê Thu Thủy - SeABank Board of Directors Vice Chairman highly appreciates and expresses congratulation for the success of projects being implemented by PVEP, especially the record in terms of time for mine exploration of South West Golden Lion. It indicates that the capabilities in governance, mastery of technology, implementation of exploration, exploitation projects of Vietnam’s Oil and Gas industry  and PVEP have caught up with the development of the world oil & gas industry. Mrs. Lê Thu Thủy believes that Algeria Block 433a & 416b project in particular and other projects of PVEP in general shall be completed as scheduled with high economic efficiency bringing significant contribution to the National Budget thanks to PVEP’s experience, professional staff and competency. On this occasion, Mrs. Lê Thu Thủy also expresses the appreciation and honor as SeABank has been selected the financial partner for big projects of PVEP. 

 

SeABank Vice Chairman also proudly shares with the Management Board of PVEP regarding “Best Bank for Project Financing 2014 Vietnam 2014” award granted to SeABank by Global Banking & Finance Review (GBAF – United Kingdom) in acknowledgement of outstanding achievements of SeABank in trade finance, typically successful trade finance contracts with local leading enterprise such as two co-financing deals worthy USD 350 million with PVEP, Cát Bi international airport expansion project in Hải Phòng, financing of 100% of cost for the purchase of 1 Airbus A321 aircraft by Vietnam Airlines Corporation, financing of PV Drilling VI drilling rig purchase project by PV Drilling, financing of the project for increasing LPG station capacity in Đình Vũ - Hải Phòng” invested by PetroVietnam Gas Joint Stock Corporation (PV Gas), etc.

Mr. Đỗ Văn Khạnh, on behalf of PVEP’s Management Board gives SeABank’s leader a picture symbolizing oil & gas exploitation of PVEP

The review Meeting over the implementation of the credit deal for Block 433a & 416b oil discovery, exploration and exploitation project in Algeria between SeABank and PVEP concluded successfully marking initial successes of the Project. The Meeting also boosts the understanding and cooperation between the two sides and promises more successes in the time to come.