SeABank co-finances PVB’s “Fuel ethanol production plant in the northern region” project

02/04/2010

Hanoi, March 26th 2010 – South-east Asia Joint Stock Commercial Bank (SeABank) has just struck a deal to finance the “Fuel ethanol production plant in the northern region” project where the investor is PVB (Petrochemical and Biological Fuel Joint Stock Company). Another actor in this club deal is PVFC (Vietnam Financial Joint Stock Company under the Oil and Gas Group). SeABank is to be the lead lender with an amount of VND 585 bn., accounting for 70% of the total contract value, which is VND 835.292 bn.

The location of the project is situated on a total area of 517,981.7 m2, covering Cổ Tiết, Tam Cường and Văn Lương communes of Tam Nông district - Phú Thọ province with a capacity of 100,000m3/year an dusing cassava and sugar canes as the major materials. In phase 1, an ethanol production plant will be built to make fuel petrol and in phase 2, a 50,000-cubic meter-per-year biodiesel plant will be constructed. This project is part of the biofuel development master plan until 2015 and vision until 2025 approved by the Prime Minister in Decision 177/2007/QĐ-TTG of Nov. 20th 2007. This is the first biofuel plant to be built in the northenr region and is expected to provide renewable and non-polutting bio products.

SeABank is currently one of the top ten banks in Vietnam with charter capital of VND 5,068 bn. SeABank aims to become of the the loca leaders in terms of retail banking with tailored products for both individual and corporate customers.