A cooperation agreement signed between Petrovietnam and Agribank

In the afternoon January 21st 2010, at the head office of Vietnam National Oil and Gas Group (Petrovietnam), 18 Lang Ha Street, Ba Dinh district, Hanoi, Petrovietnam and Vietnam Bank for Agriculture and Rural Development (Agribank) organized a ceremony to sign a cooperation agreement regarding “the implementation of the Resolution of 7th Session of the 10th Communist Party of Vietnam Central Committee on Agriculture-Farmer-Rural issues” and Development Investment Cooperation.

Main contents of the agreement consist of:
- Cooperation in research & development (R&D) of material-growing area to produce Ethanol in the manner that promotes and integrate farmers’ interests with factories (with the budget for Agriculture-farmer-rural issues).
- Cooperation in utilizing Agribank’s payment cards in distributing gasoline products, LPG and payment of fertilizers for agents.
- Agribank shall support budget or be a co-donor in projects in which Petrovietnam is the investor with competitive interest rate.
- Petrovietnam shall facilitate Agribank/Agribank’s members to provide services suitable with functions and duties of Agribank/Aribank’s members for Petrovietnam/Petrovietnam’s subsidiary companies.
- Agribank shall facilitate Petrovietnam / Petrovietnam’s subsidiary companies to provide services suitable with functions and duties of Petrovietnam / Petrovietnam’s subsidiary companies for Agribank/Aribank’s members.
- Agribank shall together with other financial institutes to finance Nghi Son petrochemicals and oil refinery project.
The two sides shall create the most favorable condition in implementing international payments, trading foreign currencies and receive deposits of foreign currencies.