Signed by Binh Son Refining and Petrochemical Joint Stock Company (BSR) and Vietnam Public Joint Stock Commercial Bank (PVcomBank) on November 25, 2024.
Attending the signing ceremony were Mr. Le Ngoc Son - General Director of Vietnam Oil and Gas Group; Members of the Board of Directors of the Group: Nguyen Van Mau, Tran Binh Minh and Deputy General Director of the Group Duong Manh Son.
On the side of BSR, there were Mr. Nguyen Van Hoi - Chairman of the Board of Directors, Mr. Bui Ngoc Duong - General Director and members of the Board of Directors and Board of Management of BSR. On the side of PVcomBank, there were Mr. Nguyen Dinh Lam - Chairman of the Board of Directors and members of the Board of Management and Board of Management of PVcomBank.
Representing both parties, Mr. Nghiem Duc Duong - Deputy General Director of BSR and Head of Dung Quat Refinery and Petrochemical Project Management Board and Mr. Duong Xuan Quang - Deputy General Director of PVcomBank signed the Contract in the presence of leaders of Vietnam Oil and Gas Group, Binh Son Refining and Petrochemical Joint Stock Company and Vietnam Public Joint Stock Commercial Bank.
Through this Contract, PVcomBank will advise and support BSR in arranging loans at a rate of 40% of the total investment of the Project, equivalent to about 526 million USD from various loan sources in the domestic and international financial markets.
In particular, priority is given to export credit support loans (ECA) from international credit institutions. In addition, domestic credit institutions play an important role in providing timely commercial loan funding to meet the overall implementation progress of the Dung Quat NMLD NCMR Project.
At the signing ceremony, Mr. Bui Ngoc Duong - General Director of BSR said: "Up to now, the Project has completed site clearance compensation and related auxiliary items, is implementing the overall technical design - FEED and the selection of the EPC general contractor will be carried out in 2025 to ensure the project is put into operation according to the approved schedule".
After completion of the Dung Quat Oil Refinery Upgrade and Expansion Project, BSR will increase total production capacity and diversify input material sources to ensure a stable and long-term supply, helping to optimize input costs, ensure competitiveness and meet EURO V emission standards.
At the same time, it contributes significantly to the sustainable development of the petrochemical industry in Vietnam as well as ensuring national energy security and is the driving force to become the core of the National Energy and Petrochemical Center in the Central region.
