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PV Trans gets $175 million loan to buy tankers   2008-11-25 - Thanh Nien

PetroVietnam’s shipping arm, PV Trans, will borrow US$175 million from a group of foreign banks led by Citigroup to purchase three Aframax oil tankers, Citigroup said in a statement Tuesday.



The 13-year loan is provided by a consortium of banks comprising Citigroup, Fortis Bank, Societe Generale and Calyon Corporate & Investment Banking, it said.

It is part of the $220 million finance PV Trans will use to purchase the vessels to help transport crude supply to the 140,000-bpd Dung Quat refinery, Citigroup said.

It is unclear where PV Trans intends to buy the vessels.

Dung Quat refinery, which is expected to go on stream from February next year, will initially use Vietnam’s main Bach Ho crude for its operations, PetroVietnam has said.

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