The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has agreed to provide 1.5 trillion Vietnamese dong (US$65.1 million) in credit for PetroVietnam Gas Corporation (PV Gas) to finance the second phase of the adjusted Nam Con Son 2 Gas Pipeline Project.

NCS2 will collect and transport gas from reserves in Hai Thach, Moc Tinh, Thien Ung, Mang Cau, and other offshore gas fields for onshore processing.

The pipeline is also designed to transport imported gas from other Asean countries to help meet the power demand in southeast Vietnam.

PetroVietnam Engineering was awarded the contract for the investment report and basic design of the project.

The NCS2 system includes a 325-kilometre offshore pipeline and around 39 kilometres of onshore pipelines connecting to a new gas processing plant, and onward liquid products and ethane pipelines.