Hoa Phat secures loans for plant

January 11, 2011 | 20:00

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Hoa Phat Group recently clinched a VND600 billion ($30 million) five-year credit package with diverse banking institutions consisting of ANZ Bank, BaoViet Bank, Habubank and Taiwan-based Hua Nan Commercial Bank – to finance the second phase construction of the Hoa Phat coal processing and thermoelectricity plant.

At the completion of the second phase by the end of the first quarter 2011, the plant will be able to produce 700,000 tonnes of coke per year and an average of 26 million kWh of power per month, which is equal to the capacity of a medium-size hydropower plant.

Construction of the Hoa Phat plant started in north Hai Duong province’s Kinh Mon district in the first quarter of 2008 and consisted of two phases with a total investment capital of VND2.1 trillion ($105 million).

Upon completion, the plant will mainly supply coke to Hoa Phat integrated steel complex, also based in Hai Duong province’s Kinh Mon district.

The power plant can produce approximately 200 million kWh of power per year through its two 15 megawatt turbines.

The first phase of construction was completed in October 2009. Under this phase, the plant was expected to reach VND1.750 trillion ($87.5 million) in revenue and provide jobs for around 300 labourers. It seeks to double revenue and create jobs for nearly 500 labourers upon the completion of the second phase.

vir.com.vn

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