According to a recent HDBank statement, the bank and PV Power signed a 2 trillion dong ($76.4 million) credit facility agreement.
HDBank said PV Power will mainly use the credit facility to import LNG, which serves as the fuel for the Nhon Trach 3 and 4 power plants, two strategic projects in Vietnam’s energy transition roadmap.
PetroVietnam Power’s Nhon Trach 3 LNG power plant is expected to start for commercial operations in the third quarter of 2025, the bank said.
Moreover, the Nhon Trach 4 LNG power plant is scheduled to come online in the fourth quarter of this year, it said.
In February this year, PetroVietnam Power’s Nhon Trach 3 LNG power plant was connected to the national grid.
Also, PetroVietnam’s unit said at the time that the LNG power plant is expected to start commercial operation in July this year.
In November 2021, PV Power broke ground on the Nhon Trach 3 and 4 plants in the southern province of Dong Nai, which are worth about $1.4 billion.
Vietnam’s first LNG power plants will have a total capacity of 1.5 GW.
South Korea’s Samsung C&T secured a contract from PV Power to build the plants in a consortium with Vietnamese contractor Lilama.
PV Power previously said the launch of these LNG plants had been delayed due to several issues, including those related to the project’s land lease and the power purchase agreement with Vietnam’s power utility EVN, which was signed in October last year.
Deal with PV Gas
In March, PetroVietnam Gas signed a long-term contract with PV Power to supply the latter’s Nhon Trach 3 and Nhon Trach 4 power plants with LNG.
The two units of PetroVietnam signed the LNG supply contract for Vietnam’s first two LNG power plants for 25 years.
This move followed a contract signed by PV Gas and PV Power for LNG supply for the commissioning of the two power plants in November last year.
Launched in 2023, the PV Gas-operated Thia Vai LNG terminal, Vietnam’s first LNG import facility, currently has a capacity of 1 mtpa, and it consists of one 180,000-cbm LNG tank, a jetty, and a regas area.
PV Gas is also working to triple the capacity of the facility to 3 mtpa.
