Crédit Agricole Corporate and Investment Bank of France will finance $50 million for the 750-MW Nhon Trach 2 power project Vietnam’s southern province of Dong Nai via Ocean Commercial Joint Stock Bank (OceanBank). A short-term credit agreement to this effect was signed by PetroVietnam Nhon Trach 2 Power JSC, OceanBank and Crédit Agricole Corporate and Investment Bank in the southern city of Vung Tau on June 5, the Vietnam News Agency said. PetroVietnam Nhon Trach 2 Power JSC, an affiliate of the state-owned Vietnam Oil and Gas Group, was set up on June 15, 2007 to build the $707-million plant under the independent power project (IPP) form in Phuoc Khanh commune, Nhon Trach. The plant with two gas-fuelled turbines and one steam-fuelled turbine is expected to contribute 4.5 billion kWh of power a year to the national electricity grid once fully operational in December 2011. It will mainly use gas sources from the Cuu Long and Nam Con Son gas fields. Vietnam Oil and Gas Group (PetroVietnam), Electricity of Vietnam Group (EVN), Vietnam Post and Telecommunications Group (VNPT), Vietnam National Coal-Mineral Industries Group (Vinacomin) and Bank for Investment and Development of Vietnam (BIDV) are investors of the plant with PetroVietnam holding a 62.8% stake.
