PetroVietnam mulls raising funds for expansion via international bonds

FILE PHOTO: PetroVietnam oil tanks are pictured in Vung Tau, Vietnam April 27, 2018. REUTERS/Maxim Shemetov/File Photo

Vietnamese state oil firm PetroVietnam will seek to raise funds by issuing bonds in the international markets for its new projects, the company said on Wednesday.

“PetroVietnam needs to get access to foreign funds, including through commercial loans and international bond issuance, and it needs advice from experienced international banks for its capital restructuring,” the company said in a statement.

The statement comes after a meeting earlier this week in Hanoi between PetroVietnam Chairman Tran Sy Thanh and Thierry Olive, co-head of investment banking for the Asia-Pacific at BNP Paribas SA.

BNP Paribas is interested in cooperating with PetroVietnam in its Block B and Sao Vang – Dai Nguyet gas projects offshore Vietnam, according to the statement.

PetroVietnam, formally known as Vietnam Oil and Gas Group, said the lender was also interested in acting as an adviser for PetroVietnam’s international bond issuance plan and providing loans for its renewable energy projects.

However, the company did not say how much money it plans to raise.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.