THE multi-billion dollar Block B gas project offshore Vietnam is expected to proceed to a final investment decision later this year, more than four years after the development was suspended. Market sources in Vietnam said a project sanction is being targeted early in the fourth quarter, by which time the substantial project financing required by national oil company PetroVietnam will need to be in place. Project funding has been an impediment to progress these past years. Block B is a very significant project for Vietnam, but securing the necessary finance has been a stumbling block. Petro Vietnam said previously that the combined effects of Covid-19 and the low oil price of 2020 meant it was facing "the most difficult period" in its financial history.
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