SeABank and PV GAS sign a credit agreement for the project “Increasing the capacity of Dinh Vu LPG Storage in Hai Phong”
The ceremony was attended by Ms. Le Thu Thuy – Standing Vice Chairwoman of SeABank BOD, Mr. Le Quoc Long – Vice General Director, and representative leaders from relevant divisions; from PV GAS, Mr. Do Khang Ninh – President and CEO, Mr. Duong Manh Son, Mr. Nguyen Mau Dung – Vice Presidents; representative leaders from the Trade Union, divisions, and subsidiaries.
At the ceremony, Ms. Le Thu Thuy – SeABank's Standing Vice Chairwoman said: “PV Gas has been domestic strategic shareholder of SeABank since 2007 and both sides have had many practical cooperation activities to promote the strength of each unit. Particularly, SeABank has financed more than VND 1,200 billion for PV Gas projects, supporting payment activities and providing retail banking services. We highly evaluate PV GAS's investment to increase the capacity of Dinh Vu LPG Storage in Hai Phong. This project will contribute to ensuring the targets of diversifying LPG supply sources to expand market, enhance position, competitiveness and develop its market share in the North.
Dinh Vu LPG Storage Project of PV Gas was built in Dinh Vu Industrial Zone, Dong Hai 2 Ward, Hai An District, Hai Phong on the total area of 10,920 m2, of which 6,325 m2 has been used, and the remaining area is about 4,595 m2. The Project for upgrading Dinh Vu LPG storage is in PV Gas development plan to ensure the targets of diversifying LPG supply sources to expand market, enhance position, competitiveness, maintain and develop the market share in the North, thereby taking a proactive position in goods import and export, balancing supply-demand, ensuring energy security, and regulating the LPG market in the North. Total value of this investment is nearly USD 8.7 million. For which, PV GAS determines the investment sources includes 30% equity capital and 70% loan capital.
Previously built by FGas Petrol Joint Stock Company, Dinh Vu LPG Storage consists of the following main items: 1 spherical LPG tank (max. storage capacity: 1,500 LPG tons), operation building, gas filling and tank-truck handling area, fire fighting water tank, pump and the technology pipeline system with 6,325 m2 of land area in use, 4,595 m2 unused. The storage can also use the central port system of the industrial zone with one 20,000 ton jetty and one 10,000 ton jetty. Dinh Vu LPG storage was put into operation in May 2011 and has been acquired by PV GAS since September 2011.
On the basis of using existing facilities such as LPG tanks, technology pipelines, LPG filling station and tank-truck loading couplings, weighing system, operation building, and other supplementary items, Dinh Vu LPG storage will have the following main items upgraded and expanded: Installing 2 more spherical pressurized LPG tanks with capacity of 1,500 tons each and relating technology pipeline system; Improving, extending LPG filling station and tank-truck handling station; Supplementing, replacing and upgrading the control, electrodynamics, lighting, earthing and lightning protection systems; gas leak detection, fire alarming and fire prevention & fighting systems; refurbishing, supplementing auxiliary items such as fire fighting pump station, additional roads and yards, landscape...
Addressing the signing ceremony, Mr. Duong Manh Son, PV GAS Standing Vice President, affirmed that: “In order to expand the business activities in clean fuel industry, PV GAS has been studying and implementing many gas projects, including investment projects for gas product storages. Aiming at expanding the Northern market, the investment project "Increasing the capacity of LPG Dinh Vu Storage in Hai Phong" is very important and has a special and strategic meaning. In order to implement this project on schedule with effectively, and optimize the cash flow of the investor, the capital support from financial institutions plays an essential role. PV GAS is looking forward to stronger relationship between PV GAS and SeABank on the basis of support for mutual development".
The signing ceremony was a success, marking an important milestone for the new development of the long standing relationship for the mutual benefits.