Two State-owned giants, PetroVietnam and Lilama, will join forces to build the Hua Na hydroelectric facility in the central province of Nghe An, under an agreement signed on May 24.
Hua Na Hydropower Co Ltd will complete the joint venture, which will be formed with total capital of 1.2 trillion VND (75 million USD). PetroViet nam and Lilama shall each hold 14%, with addition stakes held by Military Bank, Sai Gon Securities Incorporation, Sai Gon Commercial Bank, Lilama 10 and Financial Investment and Consulting Co.
The combined facility and reservoir, covering a total area of 20.6sq.km, will be built at a cost of 4.3 trillion VND (270.8 million USD). Construction of the 180MW plant is expected to start in the first quarter of next year, with the plant to go on line in the first quarter of 2011.
Apart from the power project, the new joint venture will outfit other power plant and mining facilities and expand into real estate development.
The Do Luong Cement Plant is one project on the drawing board.
PetroVietnam and Lilama have also agreed to form a stronger strategic partnership. Lilama will become a supplier to Petro Vietnam construction projects, while PetroVietnam will provide financing and insurance services for the projects in which Lilama is a primary investor.
Source: VNA
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