The VietnamNational Oil and Gas Group (PVN) and five international banks haveagreed to provide a credit worth US$904 million for the Vung Ang No.1thermal power plant.
A deal to this effect was signed in Hanoi on April 22.
Those banks include China Development Bank (CDB), Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, Intesa SanPaolo, the Hong Kong and Shanghai Banking Corporation (HSBC). PetroVietnam Finance Joint Stock Corporation (PVFC) plays a consultative role in arranging capital.
HSBC Vietnam General Director Thomas Tobin confirmed that the arrangement of great credit marked the successful cooperation between foreign banks and PVN.
In the future, those banks will be able to continue their negotiations on credit loans for other projects underway by PVN such as Long Phu 1, Thai Binh 2 and Quang Trach 2, he noted
Vung Ang No.1 thermal power plant has a total investment capital of nearly US$1.6 billion. It has two generators with a total capacity of 1200MW. When the first generator will be put into operation in July, 2012 and the second one run in January, 2013, the plant will produce 6.64 billion kWh per year.