PVFC, BIDV to Finance US$235.3M for 3 Projects in Central Province

PetroVietnam Finance Corporation (PVFC) and the Bank for Investment and Development of Vietnam (BIDV) have agreed to syndicate VND4 trillion (US$235.3 million) for three key projects in the central province of Quang Ngai.

 

Of the fund, PVFC will provide US$30 million to expand Vietnam’s first oil refinery Dung Quat and VND940 billion (US$55.29 million) for the Central Oil and Gas Biofuel Joint Stock Company (PCB) to build a VND1.5 trillion (US$88.757 million) ethanol plant.

 

Meanwhile, the financial firm and the bank will jointly finance VND2.5 trillion (US$147.1 million) for the 125-MW Dakdrinh hydropower plant that costs VND3 trillion (US$176.47 million).

 

Previously, PVFC, Ocean Bank, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), and Vietnam National Chemical Corporation (Vinachem) jointly provided VND600 billion (US$35.5 million) for Hoa Phat Energy JS Co. to cover spending on equipment and facilities of its coke coal production plant in northern province of Hai Duong. (Investment Securities)