Acuity Funding signed a letter of intent recently with the Nam Song Hau Trading Investing Petroleum JSC (NSH Petro) on providing a $650 million loan for petroleum development.
Some $60 million will be earmarked for upgrading and expanding the Nam Viet Cai Rang Oil Refinery in the Mekong Delta’s Can Tho city, while $40 million will be spent on improving facilities at the Tra Noc General Warehouse in the same city.
The expansion of the Mai Dam Warehouse and a petroleum processing factory in nearby Hau Giang province will receive funding of $190 million, while upgrades to and the expansion of the Go Cong bonded warehouse in nearby Tien Giang province has been allocated $50 million.
Other funding will be set aside for the construction of the Nam Song Oil Refinery in Tien Giang ($180 million) and upgrades to a lubricant factory in the Mekong Delta’s Long An province ($30 million). About $100 million will be spent on importing petroleum.
Mr. Ranjit Thambyrajah, Managing Director of Acuity Funding, spoke highly of NSH Petro’s extensive petroleum business system. “The funding will allow it to upgrade, expand, and build these projects,” he said. “It also creates working capital for NSH Petro and its related companies to import petroleum.”
In addition, Mr. Mai Van Huy, Chairman of the Board of Directors at NSH Petro, said the Ministry of Industry and Trade (MoIT) has allocated a total minimum petroleum supply of almost 685,000 cu m to the company for this year, of which gasoline makes up just over 466,000 cu m and diesel nearly 218,800 cu m. The funding will support NSH Petro’s investments in upgrading warehouses and factories and purchasing imported petroleum to meet demand.
Acuity Funding is a global private credit institution from Australia with more than 40 years of operations and extensive experience. The company is coordinating and managing projects valued at more than $100 billion in many countries, especially across the Asia-Pacific region.
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