French bank BNP Paribas has agreed with Vietnam's Finance Ministry to a 13-year 300mio US$ deal to build the country's first oil refinery, according to official sources.
The amount "is part of the 1.0 billion US$ that the ministry of finance is responsible to arrange and mobilize for the Dung Quat oil refinery according to the assignment by the government," a bank official told AFP.
The signing ceremony should be organized soon, he said.
Vietnam's government website said the loan carries an annual interest rate of 6.78% and was approved on Monday by Deputy Prime Minister Nguyen Sinh Hung, on behalf of Prime Minister Nguyen Tan Dung.
The total project, which is considered a major step towards energy autonomy for the communist nation, is expected to cost the state-owned PetroVietnam around 2.5 billion US$.
It is carried out by the Technip group of France, leading a consortium including the Japanese engineering giant JGC Corporation and Spain's Tecnicas Reunidas.
Dung Quat, 120 kilometres (75 miles) south of the central city of Danang, was picked as the site partly as Vietnam wants to develop an industrial counterweight between the two existing economic poles, Hanoi and Ho Chi Minh City.
Source: AFP
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