The Vietnam Oil and Gas Group (PetroVietnam) and its foreign partners have signed a number of credit agreements worth over 795 million USD to purchase equipment for the Thai Binh 2 Thermal Power Plant project.

The credits are funded by the Korean Eximbank (KEXIM), the Bank of Tokyo-Mitsubishi UFJ (BTMU), the Hong Kong and Shanghai Banking Corporation (HSBC), Citi Bank, the Mizuho Corporate Bank, the Oversea-Chinese Banking Corp Ltd (OCBC), and the Saigon Commercial Bank.

The signatories are expected to arrange the money without delay in order to ensure the progress of the nearly 1.6-billion-USD project, said Deputy Minister of Industry and Trade Ho Thi Kim Hoa at the December 9 signing ceremony in Hanoi .

Covering a site of more than 254 hectare in My Loc commune, Thai Thuy district of the Red River Delta province of Thai Binh , the 1,200-MW plant will use a common coal-fuelled furnace that is environmentally friendly technology and meets Vietnamese and international standards on emission.

Once completed and put into operation, the plant is projected to produce more than 6.7 billion kWh for the national grid system.-VNA