VietinBank to lend $220 mil for Ca Mau Fertilizer Plant

PetroVietnam Corp. and the Vietnam Bank for Industry and Trade, or VietinBank, signed a credit contract of US$220 million in Hanoi on September 25 for the former’s Ca Mau Fertilizer Plant.

Prime Minister Nguyen Tan Dung has approved total spending of $900.2 million for the plant, of which 30 percent will come from PetroVietnam and the rest from VietinBank and other financial organizations.

The Government has also permitted the Vietnam Development Bank to provide credit of $180 million for the project.

The plant will produce 800,000 tons of fertilizer a year when it is finished in 2012.

By H.My – Translated by Minh Tri

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