Business

Vung Ang Power Plant receives 95 mln USD loan

The Vietnam National Oil and Gas Group (PetroVietnam) has received a loan worth 95 million USD to build the Vung Ang Thermal Power Plant No 1 in Ha Tinh province under a credit contract signed with two Japan-based banks on August 11.
The Vietnam National Oil and Gas Group (PetroVietnam) has received aloan worth 95 million USD to build the Vung Ang Thermal Power Plant No 1in Ha Tinh province under a credit contract signed with two Japan-basedbanks on August 11.

The lenders include the Japanese Bank for International Corporation and the Sumitomo Mitsuit Banking Cooperation.

The 1,200-megawatt power plant, including two turbines and to be builtin Ky Loi commune of Ky Anh district, is expected to start generatingpower between July 2012 and January 2013.

When fullyoperational, the plant will contribute 6.64 billion kWh to the nationalgrid per year, helping ease national power shortages.

The 1.6 billion USD plant is part of a Government electricity plan approved by the Prime Minister in 2007.
During April this year, a consortium of five foreign banks agreed toprovide a 904 million USD loan towards the project. The consortiumincluded HSBC, the China Development Bank, the Bank of Tokyo-MitsubishiUFJ, Credit Suisse and Italy's Intesa SanPaolo./.
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