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Deal to minimise power shortages
The Viet Nam Technological Joint Stock Bank (Techcombank) and the PetroVietNam Finance Joint Stock Company (PVFC) yesterday signed a comprehensive co-operation agreement and co-financing contract to build Nhon Trach No2 Electricity Plant project near HCM City.
Techcombank and the PVFC pledged to arrange a maximum capital amount of VND1.5 trillion (US$83 million) for PetroVietNam Nhon Trach Joint Stock Company No2 to carry out the power project.
The two companies also agreed to comprehensive co-operation over many business areas, such as lending and capital arrangement, investment co-operation and communications.
"The deal will play an important role in ensuring national power security and overcoming power shortages," said Nguyen Duc Vinh, general director of Techcombank.
Nhon Trach No2 Electricity Plant is a key PetroVietNam project about 35km from HCM City.
The project was approved by Prime Minister Nguyen Tan Dung. Its total capital is about $524 million, excluding value-added tax.
The project is expected to be completed within 30 months. The first generator will be operational within 22 months. Power yield is estimated to be 4.5 billion kWh per year. PetroVietNam has 51.8 per cent of shares. Other shareholders include the Electricity of Viet Nam (EVN), the Viet Nam Post and Telecommunications Group, the Viet Nam National Coal and Mineral Industries Group (Vinacomin) and The Bank for Investment and Development of Viet Nam.
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