Ha Noi-- The National Oil and Gas Group (PVN) has received a loan worth US$95 million to build the Vung Ang Thermal Power Plant No 1 in Ha Tinh Province under a credit contract signed with two Japan-based banks yesterday.

The lenders include the Japanese Bank for International Corporation and the Sumitomo Mitsuit Banking Co-operation.

The 1,200-megawatt power plant, including two turbines and to be built in the Ky Loi Commune of the Ky Anh District in Ha Tinh Province, is expected to start generating power between July 2012 and January 2013.

When fully operational, the plant will contribute 6.64 billion KWh to the national grid per year, helping decrease national power shortages.

The $1.6 billion plant is part of a Government electricity plan approved by the Prime Minister in 2007.

During April this year, a consortium of five foreign banks agreed to provide a $904 million loan towards the project. The consortium included HSBC, the China Development Bank, the Bank of Tokyo-Mitsubishi UFJ, Credit Suisse and Italy's Intesa SanPaolo.--VNS
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