Phu My Plastics & Chemicals secures financing for PVC plant

Phu My Plastics & Chemicals Co. Ltd. (PMPC) has signed an agreement with Maybank Hanoi and Bank for Investment and Development of Vietnam (BIDV), Hanoi, for a $35 million credit facility. PMPC is a joint venture between Malaysian national oil company Petronas, PetroVietnam, and Tramatsuco.


By an OGJ Online Correspondent


SINGAPORE, Mar. 6
�Phu My Plastics & Chemicals Co. Ltd. (PMPC) has signed an agreement with Maybank Hanoi and Bank for Investment and Development of Vietnam (BIDV), Hanoi, for a $35 million credit facility.

PMPC is a joint venture between Malaysian national oil company Petronas, PetroVietnam, and Tramatsuco.

The loan will be used to part finance a polyvinyl chloride (PVC) plant. Petronas holds 50% of the joint venture while its Vietnamese counterpart PetroVietnam has 43%. Tramatsuco, the trading arm of the People's Committee of Baria-Vung Tau province, has the remaining 7%.

The 100,000- tonne/year PVC plant will be built in the identified petrochemical development zone in Phu My Industrial Area in Baria-Vung Tau province, 85 km southeast of Ho Chi Minh.

The plant is in initial stages of construction and is expected to be completed by the third quarter of next year.

The plant is expected to source its feedstock, vinyl chloride monomer, from Petronas's joint venture VCM plant in Kertih, Terengganu, Malaysia.

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