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PetroVietnam secures credit for Vung Ang plant

The Vietnam National Oil and Gas Group (PetroVietnam) landed an agreement with five international banks on a 904 million USD loan for its Vung Ang 1 thermopower plant at a ceremony in Hanoi on April 22.
The Vietnam National Oil and Gas Group (PetroVietnam) landed anagreement with five international banks on a 904 million USD loan forits Vung Ang 1 thermopower plant at a ceremony in Hanoi on April 22.

The banks are the Hong Kong-Shanghai Banking Corporation (HSBC), theChina Development Bank (CDB), the Bank of Tokyo-Mitsubishi UFJ (B TMU),Credit Suisse and Intesa SanPaolo.

Through export credit agencies(ECA), the loan will be insured by the China Export and CreditInsurance Corporation and Hermes Bank (Germany).

HSBC Vietnam General Director Thomas Tobin said these banks couldpossibly come up with other loans for PetroVietnam-invested thermopowerplants, such as Long Phu 1, Thai Binh 2 and Quang Trach 2.

The Vung Ang 1 thermopower plant in the central province of Ha Tinhhas a total investment capital of almost 1.6 billion USD, of which anEPC contract worth 1.17 billion USD has been signed with Vietnam MachineInstallation Corporation (Lilama).

The firstturbine of the 1200 MW Vung Ang plant is scheduled to be put intocommercial operation in July, 2012 and the second in February, 2013,adding a total of 6.64 billion kWh to the national grid./.
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