Ninh Thuan approves joint steel project
Ninh Thuan approves joint steel project
NINH THUAN — Ninh Thuan provincial authorities have officially licensed a joint venture between Malaysia’s Lion group and the Viet Nam Shipbuilding Industry Group (Vinashin) to build a US$9.8 billion steel complex.
The hi-tech steel complex is to be located in Phuoc Diem Commune, Ninh Phuoc District, on land of 1,650ha.
The project will be built in four stages and is expected to be completed by 2025. The new plants will eventually provide jobs for 50,000 workers.
After completion, the project will manufacture cold rolled steel, hot rolled steel, plate steel and galvanised steel with an expected annual output of 14.42 million tonnes.
The first stage will be finished in 2010, and hot rolled steel operations will begin shortly after with an annual capacity of 4.5 million tonnes, served by a sea port with a loading capacity of 15 million tonnes per year. Two power plants will also go on line with a combined capacity of 1,450MW.
It is anticipated that the first phase of construction will cost close to US$2.7 billion, $780 million of which will come from Lion and Vinashin, while the remainder will be raised by commercial loans.
Hoang Thi Ut Loan, chairwoman of the provincial People’s Committee expressed her appreciation to project investors for their attention to social and environmental concerns in the planning stage of the project.
She also pledged to create favourable conditions for the investors to implement the project effectively. — VNS
By : http://vietnamnews.vnagency.com.vn
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Tags: Cold Rolled Steel, Commercial Loans, Favourable Conditions, Hot Rolled Steel, Hot Rolled Steel Plate, Industry Group, Lion Group, Loading Capacity, Ninh Thuan, Planning Stage, Plate Steel, Power Plants, Provincial Authorities, S Committee, Sea Port, Shipbuilding Industry, Steel Operations, Steel Project, Viet Nam, Vinashin