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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to approximately USD4 million (JBIC portion) with PACIFIC PETROLEUM EXPORT AND IMPORT TRADING J.S.C. (PPEI), a Vietnamese subsidiary of AIR WATER INC. (AIR WATER). The loan is co-financed with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to USD8 million equivalent.
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The loan is intended to finance the funds necessary for PPEI to conduct liquefied petroleum gas (LPG) sales business.
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AIR WATER acquired shares in PPEI from Pacific Petro Commercial Joint Stock, a leading LPG operator in Vietnam, in December 2019, and launched the LPG sales business, with Ho Chi Minh City as its main business area. The demand for LPG is strong in Vietnam on the back of a growing population and a developing economy. As the demand is expected to make steady growth, AIR WATER aims to further expand its business in Vietnam. The loan will support AIR WATER’s overseas business expansion, thereby contributing to maintaining and improving the international competitiveness of Japanese industry.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
