The Japan Bank for International Cooperation (JBIC) has committed USD832 million in financing for the development of the Block B gas field in Vietnam, which will supply fuel to thermal power plants in the country’s southwest region. The financing agreements include approximately USD167 million, USD161 million, and USD87 million respectively for MOECO Vietnam Petroleum Company Limited, MOECO Southwest Vietnam Petroleum Company Limited, and MOECO Southwest Vietnam Pipeline B.V.
These loans are co-financed with private financial institutions, bringing the total co-financed amounts to USD335 million, USD322 million, and USD175 million, respectively. The Block B gas field will feature pipelines to transport gas to the thermal power plants, in collaboration with Vietnam Oil and Gas Group and Thailand-based PTT Exploration and Production Public Company Limited.