PetroVietnam signs pacts with foreign banks

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State oil and gas group PetroVietnam on Thursday signed agreements with three foreign banks to help it reduce risks related to interest rates and foreign exchange rate, the government said.

The group signed the International Swap and Derivatives Association Master Agreement with three of its long term partners BNP Paribas S.A., Sumitomo Mitsui Banking Corp. and Standard Chartered PLC.

These contracts will benefit PetroVietnam when it conducts derivatives transactions in the future, the government said in a statement.

The three banks have provided loans for the construction of Dung Quat Refinery, Vietnam's first oil refinery.

Nguyen Tien Dung, deputy general director of PetroVietnam, said his group has large capital needs and the new agreements will help ensure the safety and efficiency of its financial activities.

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