On November 25, in Hanoi, Binh Son Refining and Petrochemical Joint Stock Company ( BSR ) and Vietnam Public Joint Stock Commercial Bank (PVcomBank) signed the "Consulting contract for capital arrangement for the Dung Quat Oil Refinery (DRR) Upgrading and Expansion Project".
Attending the signing ceremony were Mr. Le Ngoc Son - General Director of Vietnam Oil and Gas Group ( Petrovietnam ); members of the Board of Directors of the Group: Nguyen Van Mau, Tran Binh Minh; Mr. Duong Manh Son - Deputy General Director of the Group. 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, 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 Directors, Board of Management of PVcomBank.
Representing the unit, Mr. Nghiem Duc Duong - Deputy General Director of BSR and Head of Dung Quat NMLD NCMR Project Management Board and Mr. Duong Xuan Quang - Deputy General Director of PVcomBank signed the Contract in the presence of leaders of Petrovietnam, BSR and PVcomBank.
BSR and PVcomBank organized the signing of the "Consulting contract on capital arrangement for Dung Quat NMLD NCMR Project".
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 which, priority is given to export support credit (ECA) loans 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.
After completing the Dung Quat NMLD NCMR Project, BSR will increase total production capacity, diversify input material sources to ensure a stable and long-term supply, help optimize input costs, ensure competitiveness and meet EURO V emission standards. At the same time, it will contribute significantly to the sustainable development of the petrochemical industry in Vietnam as well as ensure national energy security. This is also one of the driving forces for Dung Quat NMLD to become the core of the National Energy and Petrochemical Center in the Central region.
The signing ceremony between the two units was held under the witness of the leaders of Vietnam Oil and Gas Group.
At the signing ceremony, Mr. Bui Ngoc Duong - General Director of BSR said that, up to now, the Dung Quat NMLD NCMR Project has completed the site clearance compensation and related auxiliary items. Currently, the project 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.
Thanh Linh
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