French bank finances PetroVietnam’s power plant

French bank Crédit Agricole Corporate and Investment Bank has lent $60.6 million to the Vietnam Oil & Gas Group to build the Nhon Trach 2 power plant in Dong Nai Province near Ho Chi Minh City.

Crédit Agricole CIB signed the loan deal with PetroVietnam, as the state-owned group is known, last Saturday.

Construction of the 750-megawatt, gas-fired power plant began last June and it is scheduled to go on stream by late 2011, according to PetroVietnam.

It will generate 4.5 billion kWh annually when fully operational.

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