Three Foreign Banks L US$116 Mln to Ca Mau 2 Power Plant

11:11:18 AM | 15/7/2008

Three foreign banks today [July 11] will clinch a credit deal to l a total US$116.25 million to Ca Mau 2 power project invested by state-owned oil monopoly PetroVietnam, the Vietnam News Agency reported, citing PetroVietnam sources.
The banks are namely CALYON of France, KfW of Germany, and FORTIS of Belgium and Holland, the sources said.
The loan aims to timely supply capital for PetroVietnam to complete the US$430-million Ca Mau 2 power project on schedule, according to the newspaper.
The 750-megawatt power plant is part of the US$1.2 billion Ca Mau gas-power-fertilizer project in An Khanh commune, U Minh district, southern Ca Mau province.
PetroVietnam put into use two turbines of the plant in June of this year, and will strive to complete and operate the joint cycle of the plant in the fourth quarter of this year.
The group is set to susp 112 projects this year worth around VND6 trillion (US$363.63 million) in an effort to curb inflation and practice thrift under the government&rsquos direction.
It is taking some drastic measures to add 1,360 MW to the national electricity grid in July of this year in a bid to ease the country&rsquos current severe power thirst.
(Vietnam & World Economy)