Nhan Dan Online – A US$430 million credit contract was signed by the PetroVietnam Exploration Production Corporation Ltd (PVEP) and 14 foreign banks on January in Hanoi.
The 5-Year Syndicated Term Loan Facility (Facility) is PVEP’s first offshore syndicated loan.
The Facility was fully underwritten by Standard Chartered Bank.
The Facility aims to meet the demand for investment capital for the development of PVEP’s oil and gas projects, especially the project to exploit oil at Lot Junin 2 in Venezuela.
The Facility was launched into syndication at US$300 million and received total commitments of US$430 million from 14 foreign banks, reflecting an oversubscription rate of 43%.
Joining the Facility are: Standard Chartered Bank; Bank of Tokyo-Mitsubishi UFJ, Ltd.; BNP Paribas, Singapore Branch; Mizuho Corporate Bank, Ltd.; Oversea-Chinese Banking Corporation Limited; Sumitomo Mitsui Banking Corporation; Cathay United Bank and Intesa Sanpaolo S.p.A., Singapore Branch; Chinatrust Commercial Bank, Ltd.; Maybank International (L) Ltd; Bank of Taiwan, Singapore Branch; Chang Hwa Commercial Bank, Ltd., Singapore Branch; First Commercial Bank, Offshore Banking Branch; and State Bank of India, Singapore.