K-Sure grants financial support to Korean firms in PetroVietnam projects

June 25, 2024 | 11:30

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Korea Trade Insurance Corporation (K-Sure) announced that it will provide $1 billion medium- and long-term financing support to Korean companies securing a project contract with Vietnam's oil and gas group PetroVietnam.

K-Sure grants financial support to Korean firms in PetroVietnam projects

On June 20, K-Sure signed an MoU with PetroVietnam in Hanoi to cement a strategic partnership.

Under the agreement, PetroVietnam allows the participation of Korean companies in its projects, while K-Sure provides up to $1 billion in medium- and long-term financing once Korean companies secure contracts.

PetroVietnam CEO Le Ngoc Son said, "PetroVietnam is accelerating the progress of major projects such as the Block B project and the Dung Quat Oil Refinery upgrade and expansion project, which requires strong financial resources. The MoU signing will create an important foundation for the two sides to strengthen partnership, contributing to the development strategy outlined by PetroVietnam."

In the same vein, Jang Youngjin, chairman of K-Sure, expressed his gratitude to the trust of PetroVietnam's leaders when selecting K-Sure as a financial and credit service provider for the group's key projects.

"We will continue to strengthen strategic cooperative relationships with high-quality clients to ensure that our companies are in an advantageous position in the competitive bidding for large-scale power generation projects expected to be commissioned in Vietnam as part of its carbon neutrality goals," he added.

According to K-Sure, this financial support is the first of its kind being extended to an ASEAN country like Vietnam. Moving forward, the Korean trade insurance company plans to host an event to connect Korean companies with PetroVietnam.

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By Vy Bui

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