Mr Ashok Sud, Chief Executive Officer of Standard Chartered Bank in Vietnam, Laos and Cambodia, said: “I am delighted with the success of this syndicated loan issuance on two counts. First, its over-subscription by almost 40 per cent reflects the strength of PetroVietnam and Vietnam’s market reputation in general. Second, PetroVietnam is ‘leading the way’ in tapping large pools of international capital markets that will be essential to finance the growing needs of infrastructure in Vietnam.” The Facility tenor has a five-year maturity, with an option to extend for another two years. This transaction signifies the first major syndicated loan facility for a Vietnamese borrower since the 2008 financial market turmoil. Proceeds from the Facility will be used to part finance capital expenditure in relation to the construction and completion of the Dung Quat Oil Refinery.