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Submitted by ctv_en_3 on Sun, 04/02/2006 - 13:00
The Electricity of Vietnam Corporation (EVN) on April 1 signed with the China Import-Export Bank a credit contract for the first phase of the Quang Ninh Thermal Power Plant.

The Quang Ninh-based 600 MW power plant will have a total investment of US$593.2 million, US$407.4 million of which will be from foreign loans. It will be built in the form of EPC or engineering, procurement, construction contract.


The Shanghai Electric Group will be the project tender, while the China Export and Credit Insurance Corp. (Sinosure) will provide credit insurance service to the project.

According to Liangxiang, assistant to the Director of the China Import-Export Bank, under the credit contract, her bank will provide a loan equivalent to 85 percent of the EPC contract value plus 85 percent of the credit insurance value.


EVN General Director Dao Van Hung said that this was the fourth credit contract EVN has signed with the Chinese bank. The corporation had previously signed with the bank credit contracts, worth US$817 million in total, for the Tuyen Quang and Ba Ha Hydroelectric Power Plants and the Hai Phong 1 Thermal Power Plant.


Mr Hung revealed that the two sides plan to sign additional contracts valued at a combined US$850 million by the end of this year to finance the Hai Phong 2 and Quang Ninh 2 Thermal Power Plants and the Ban Ve Hydroelectric Power Plant.


The Quang Ninh plant is owned by the Quang Ninh Thermal Power Joint Stock Company, in which EVN holds a 80-percent stake, the Vietnam Coal-Mineral Industrial Group, 15 percent and the Vietnam Construction Import-Export Corporation, 5 percent.

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