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Ha Bac fertiliser plant gets $250m loan   2008-09-17 - VNS

Workers unload nitrogen fertiliser at Ha Bac Nitrogen Fertiliser and Chemical Ltd Co. About $250 million will be spent upgrading and expanding the facility.

The Ha Bac Nitrogen Fertiliser and Chemical Ltd Co and the Bank for Investment and Development of Viet Nam signed a credit contract last week worth more than VND4.12 trillion (US$250 million) to upgrade and expand the company.

Covering an area of about 24ha in the northern province of Bac Giang, the project has total investment capital of VND6.35 trillion ($385.2 million).

Of this, VND4.12 trillion was mobilised from BIDV, and the rest from other commercial banks and its own capital, said the company’s general director, Nguyen Anh Dung.

Dung added that the new production line would still concentrate on manufacturing urea fertiliser and ammoniac liquid.

Besides the new production line, the company will also improve and upgrade the current fertiliser production line by using coal dust from the northern province of Quang Ninh to boost plant capacity and competitive ability and lessen environmental pollution.

After completion in 2011, the plant plans to provide about 500,000 tonnes of urea fertiliser and 300,00 tonnes of ammoniac liquid per annum, replacing the present figure of 180,000 and 108,000 tonnes to satisfy the local demands.

The project will be started early next year.

Ha Bac Nitrogen Fertiliser and Chemical Co, part of Viet Nam National Chemical Corporation (Vinachem), was officially established as a one-member limited liability company early last year in Bac Giang city.

It had a total charter capital of VND352 billion ($22 million).

Ha Bac nitrogen fertiliser plant together with others, Ninh Binh and Phu My will be able to meet 60 to 70 per cent of the country’s demand for fertiliser.

As Viet Nam is still an agricultural country with farmers accounting for nearly 70 per cent of workers, fertiliser is used in large volumes and is one of the most important products in the country.

According to Vinachem’s general director, Do Duy Phi, fertiliser is the corporation’s top priority.

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