August 22, 2018 / 8:45 AM / 3 months ago

PetroVietnam mulls raising funds via international bonds

HANOI, Aug 22 (Reuters) - 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. (Reporting by Khanh Vu; Editing by Gopakumar Warrier)

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