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China Eximbank contributes $154 million to $220 million syndicated buyer’s credit loan for Ca Mau Fertilizer Plant Construction Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Petrovietnam Ca Mau Fertilizer Company Limited (PVCFC) |
| Country | Viet Nam |
| Start Date | Sep 15, 2011 |
| End Date | Apr 30, 2027 |
| Duration | 5,706 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 65899 |
Grant Description
China Eximbank contribution to $220 million syndicated buyer's credit loan for 1200MW Vung Ang 1 Coal-Fired Power Plant Construction Project On September 15, 2011, PetroVietnam Ca Mau Fertilizer Company Limited (PVCFC) — a project company and subsidiary of the state-owned Vietnam Oil and Gas Group (PetroVietnam) — signed a $220 million syndicated buyer’s credit loan (BCL) agreement with BNP Paribas Bank, China Eximbank, and Credit Agricole Bank for the Ca Mau Fertilizer Plant Construction Project.
China Eximbank contributed $154 million to the syndicated loan.
Sinosure provided buyer’s credit insurance and the Vietnam Ministry of Finance provided a sovereign guarantee.
The proceeds of the loan were to be used by the borrower to partially finance an EPC contract signed on May 6, 2008 with Wuhuan Engineering Co., Ltd., a subsidiary of China National Chemical Engineering Group Corporation Ltd. (CNCEC).
The purpose of the project was to construct a fertilizer plant in Khánh An commune, U Minh District, and Cà Mau Province. CNCEC was the contractor responsible for project implementation. A formal groundbreaking ceremony was held on July 26, 2008.
The project passed a performance appraisal an April 20, 2012, and the owner issued a temporary project acceptance certificate (PAC) on April 25, 2012. Then, on April 25, 2014, the project owner issued the final acceptance certificate (FAC).
Staff Comments
- The Chinese project title is 金瓯化肥厂or 越南金瓯4080化肥工程总承包项目 or 越南金瓯化肥项目. The Vietnamese project title is dự án Nhà máy Đạm Cà Mau.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- Interest rates were adjusted every 6 months from the date of receiving the first loan. Interest was paid monthly based on the outstanding debt of the loan, which began from the first arising of debt. Interest was paid every 6 months (see 'Prospectus on Initial Public Offering,' p. 40).
- The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
Sources & References
- Annual Report 2011
- Doanh nghiệp “lên dây cót” với kịch bản tỷ giá tăng
- 对外投资合作国别（地区）指南 越南 2017版
- 对外投资合作国别（地区）指南 越南 2018版
- BẢNG CÂN ĐỐI KẾ TOÁN HỢP NHẤT
- 荣获众多奖项的越南最大的化工投资项目 ——越南金瓯4080化肥工程总承包项目
- 中国化学工程集团总承包的越南金瓯化肥项目开工
- 公司接收越南国家油气集团颁发的金瓯化肥项目最终接收证书并签订联盟合作框架协议
- Cà Mau Gas-Power-Fertilizer Complex
- Ca Mau Fertilizer Plant
- MINUTES OF THE 2012 ANNUAL GENERAL MEETING OF SHAREHOLDERS PETROVIETNAM FERTILIZER AND CHEMICAL CORPORATION – JSC
- Annual Report 2015
- 越南金瓯年产45万吨尿素、80万吨合成氨项目（总承包）
- Development Partners' Assistance Matrix for the GMS Economic Cooperation Program: Ongoing and Proposed Projects (as of 2014)
- Prospectus on Initial Public Offering
- China Overseas Development Finance Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Petrovietnam Ca Mau Fertilizer Company Limited (PVCFC)
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