Malaysia's Petronas gets financing facility for Vietnam venture
KUALA LUMPUR - An agreement has been signed by Phu My Plastics and Chemicals Company Ltd
[PMPC], a joint venture between Petronas, PetroVietnam and Tramatsuco, and Maybank Hanoi and the Bank
for Investment and Development of Vietnam for a US$35 million credit facility.
The loan will be used to part finance the capital expenditure for the company's polyvinyl chloride plant, Petronas said in
a statement.
Petronas holds a 50 per cent equity in the joint venture, while its Vietnamese counterpart PetroVietnam has a 43 per cent
stake. Tramatsuco, the trading arm of the People's Committee of Baria-Vung Tau, owns the remaining seven per cent equity.
The PVC plant, which will have an annual production capacity of 100,000 tonnes, will be strategically located within the
identified petrochemical development zone of the Phu My industrial area in Baria-Vung Tau province, some 85km south-east of
Ho Chi Minh City.
The plant is currently in its initial stages of construction and is expected to be completed by the third quarter of next year.
Once operational, this crucial import substitution project will contribute towards the development of the province and to the
economic growth of Vietnam in general.
The plant is expected to source its feedstock, vinyl chloride monomer [VCM], from Petronas' joint venture VCM plant in
Kertih, Terengganu.
At the loan agreement signing ceremony held in Ho Chi Minh City last Friday, PMPC was represented by its general director
Kalantar Mastan Mohamed, Maybank Hanoi by its general manager Chan Kin Choy, and BIDV Hanoi by Le Dao Nguyen, its
deputy general director and director of the transaction office.
The ceremony was witnessed by PMPC's first deputy general director Le Cong Thanh.
Bernama (Malaysia) - March 5, 2001.
|