Vietcombank sign agreement to provide converting bank service

Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) and Nghi Sơn Petrochemical and Refinery LLC (NSRP) on Thursday signed a Memorandum of Understanding (MoU) on converting bank service.

Under the MoU, Vietcombank will be the sole bank to provide the service of foreign currency converting bank for the Nghi Sơn Petrochemical and Refinery Project.

Phạm Quang Dũng, CEO of Vietcombank, said the signing of the MoU would acceleratethe negotiation process towards agreeing on the official contents of agreements on foreign currency conversion.

Ahmad Aljemaz, vice president of Kuwait Petroleum International Ltd, one of NSRP’s investors, said the provision of the converting bank service by Vietcombank is significant to the operation and success of NSRP.

Turki Alajmi, acting CEO of NSRP,  expressed confidence in this cooperation with Vietcombank. “The converting bank is one of the elements which plays a vital role in the financial success of the project. NSRP is confident that Vietcombank, as the leading joint stock commercial bank in Việt Nam, with the highest support of the Government, will be able to perform this function successfully and most effectively,” he said.

Nghi Sơn Petrochemical and Refinery Project is a key petrochemical and refinery project of national importance, which is being implemented in Nghi Sơn Economic Zone in Tĩnh Gia District, Thanh Hóa Province.

The refinery has a total investment of over US$9 billion, intended capacity of 10 million tonnes a year in maximum operation and scope of producing 200,000 barrels of crude oil a day. Upon operation, it is expected to meet approximately 40 per cent demand of the domestic petroleum market and export millions of tonnes of petrochemical products.