PetroVietnam Power secures $300mn short-term loan for gas power projects
PetroVietnam Power (PV Power), a state-owned power company, announced on April 8 the signing of a short-term loan agreement worth $300mn with Citibank and ING. The financing will support the development of the Nhon Trach 3 and 4 gas-fired power projects.
In addition to the short-term loan, PV Power is engaged with two banks to secure a long-term loan of up to $600mn for the same projects.
Vietnam marked a milestone last year with the arrival of its first LNG cargo at PetroVietnam Gas' Thi Vai LNG import terminal. Designed with an initial handling capacity of 1mn metric tonnes/year, the terminal features facilities including a 180,000 m3 storage LNG tank, a jetty, and a regasification area. The terminal's capacity will be expanded to 3mn tonnes/year in its second phase.
PV Gas, a subsidiary of PetroVietnam, is planning to distribute regasified LNG through pipelines and transport LNG via trucks to downstream customers. The Thi Vai LNG import terminal is poised to play a pivotal role in addressing Vietnam's gas shortage by augmenting gas supply to consumers, including the Nhon Trach 3 and 4 power plants, as well as industrial customers.