Friday, 10 September 2010

PetroVietnam signs agreements with three foreign banks

PetroVietnam has signed agreements with three foreign banks to help limit risks when it conducts derivatives transactions. PetroVietnam signed the International Swap and Derivatives Association Master Agreement with Paribas, Sumitomo Mitsui Banking Corporation and Standard Chartered, announced the Vietnamese government on Thursday, 10th September.

Petrovietnam's Deputy Chief Executive Nguyen Tien Dung said that it would help the company Petrovietnam, "balance and limit changes, prevent risks of interest rates, exchange rates and prices of goods, and diversify the group's financial activities" and using derivatives transactions would help mitigate associated risks

PetroVietnam has been looking for funding for several large-scale projects, including two oil refineries. Dung did not elaborate further on other prospective projects.

Source: Reuters

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