Hanoi: PetroVietnam's Exploration and Production Corporation (PVEP) has signed a total of US$140m in credit contracts to develop an exploitation project on Vietnam's continental shelf.
OceanBank, VIB, MB, SeABank and LienVietPostBank will finance the company within seven years.
The project is located at Plot 15-2/01, which is 20km from the southern city of Vung Tau and covers an area of 280,000ha. It is expected to begin operation in the second quarter of next year. [01/11/12]