Acuity Funding provides $650 million loan for NSH Petro

Acuity Funding has committed to lending $650 million to NSH Petro and its member companies to implement petroleum development projects.

Around $60 million will be earmarked for upgrading and expanding Nam Viet Cai Rang Oil Refinery Plant in Can Tho city, while $40 million will be spent on iproving the facilities at Tra Noc General Warehouse in the same city.

The expansion of Mai Dam Warehouse and Petroleum Processing Factory in Hau Giang will receive funding of $190 million. The upgrade and expansion of the Go Cong bonded warehouse in Tien Giang has been allocated $50 million.

Other funding will be set aside for the construction of Nam Song Oil Refinery Plant in Tien Giang ($180 million) and the upgrade of a lubricant factory in Long An ($30 million). About $100 million is to be spent on importing petroleum.

These credit financing packages will be deployed in the first quarter of 2024, thereby opening up new and stronger development opportunities for NSH Petro.

Acuity Funding is a global private credit institution from Australia with more than 40 years of operations and extensive experience. The company is coordinating and managing projects valued at more than $100 billion in many countries, especially across the Asia-Pacific region.

Ranjit Thambyrajah, managing director of Acuity Funding, highly appreciates NSH Petro's extensive petroleum business system. He said, "The funding will allow it to upgrade, expand, and build these projects. It also creates working capital for NSH Petro and its related companies to import petroleum."

Mai Van Huy, chairman of the Board of Directors of NSH Petro said, "In 2024, the Ministry of Industry and Trade has allocated a total minimum petroleum supply of almost 685,000 cubic metres to the company, of which petrol makes up just over 466,000cu.m and diesel accounts for nearly 218,800cu.m. The funding will support our investments in the upgrade of warehouses and factories, as well as petrol imports to meet the consumption requirements."

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