PetroVietnam Power inks deal with banks for two LNG plants

PetroVietnam Power said it has signed a deal with two local banks to help arrange capital for its planned LNG-powered plants.

The state-run firm appointed a consortium of Techcombank and Military Bank to arrange syndicated loans worth $1.4 billion, according to a PetroVietnam Power statement on Tuesday.

The funds would go for the construction of Nhon Trach 3 and 4 plants with a total capacity of 1,500 megawatt (MW), PetroVietnam Power, a unit of PetroVietnam, said.

PetroVietnam Power plans to launch commercial operations at the two LNG-powered plants in the southern province of Dong Nai by 2024.

Several players, including Delta Offshore, are planning to build LNG-to-power projects in Vietnam in order to meet the country’s growing power demand.

Russia’s Novatek also said it had established an office in Hanoi as it looks to supply LNG to Vietnam.

PetroVietnam Gas has also recently signed a deal with US energy firm AES to build the Son My LNG import terminal in Vietnam.

The government previously said that Vietnam would start importing LNG in 2022.

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