VietinBank will lend Vietnam Oil & Gas Group US$220 million to finance a fertilizer plant in the south of the country, Thoi Bao Kinh Te Vietnam newspaper said, citing an agreement between the two companies.
The $900-million plant in Ca Mau, with an annual capacity of 800,000 metric tons, is expected to be operational in the second quarter of 2012, according to the newspaper.
Vietnam Oil & Gas, known as PetroVietnam, has a 30 percent stake in the plant, Thoi Bao said.