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Thursday, February 09, 2012 10:39:22 PM - Markets closed
VN-INDEX 411.39 +1.86/+0.45%
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Petrovietnam, foreign banks sign derivatives deals
Reuters - 9/10/2010 9:00:00 AM
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State oil and gas group Petrovietnam has signed agreements with three foreign banks to help limit risks when it conducts derivatives transactions, the Vietnamese government said on Thursday.

Petrovietnam signed the International Swap and Derivatives Association Master Agreement with BNP Paribas (BNPP.PA), Sumitomo Mitsui Banking Corporation (8316.T) and Standard Chartered Plc (STAN.L) on Thursday, the government said in a statement.

The deal would help Petrovietnam "balance and limit changes, prevent risks of interest rates, exchange rates and prices of goods, and diversify the group's financial activities", the statement said.

It quoted Petrovietnam Deputy Chief Executive Nguyen Tien Dung as saying the group would have high funding requirements in due course, and using derivatives transactions would help mitigate associated risks.

Dung did not detail upcoming investments, but Petrovietnam has been seeking funding for the construction of several major projects, including two oil refineries, after Vietnam's first such facility started running at full capacity earlier this year.
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