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Petro Vietnam to Help Finance Pulp Mill Project

Nov. 13, 2006 - The PetroVietnam Finance Co. has agreed to provide a loan to Transport, Communication, Development and Investment Corp. (Tracodi) to support its pulp mill project in Long An Province in Vietnam.

Tracodi general director Phan Thanh Nam said that the US$13.6 million loan would go towards its Phuong Nam Pulp Mill, which began construction in March.

The French bank Societe Generale will also provide funds for Tracodi to import equipment, technology and technical services worth around $70 million.

The $93-million pulp mill is scheduled for completion in November 2007.

The new mill will have an annual capacity to produce 100,000 tonnes of pulp and will use jute grown in Long An Province as a raw material.

Pulp from the mill will be used domestically and for export.

SOURCE: Viet Nam News




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