Acuity Funding invests 720 million USD to develop 8 projects of NSH Petro

Acuity Funding agreed to finance development investment capital related to 8 component projects of NSH Petro, divided into 2 phases, with a total capital of 720 million USD.

On the afternoon of February 27, 2024, at the headquarters of Hau Giang Provincial People's Committee, the Loan Approval Signing Ceremony took place between Nam Song Hau Petroleum Investment Trading Joint Stock Company (NSH Petro) and Acuity Funding.

Attending the ceremony were Chairman of Hau Giang Provincial People's Committee Dong Van Thanh, Permanent Vice Chairman of Hau Giang Provincial People's Committee Truong Canh Tuyen, Vice Chairman of Tra Vinh Provincial People's Committee Nguyen Quynh Thien, Mr. Dominic Balasuriya, Economic Consul - Consulate General of Australia in Ho Chi Minh City...

Chairman of Hau Giang Provincial People's Committee Dong Van Thanh (2nd from left) delivered a welcome speech at the loan approval signing ceremony between NSH Petro and Acuity Funding.

Accordingly, Acuity Funding agreed to finance development investment capital related to 8 component projects of NSH Petro, divided into 2 phases.

During the signing ceremony of loan contracts for phase 1, Acuity Funding arranged capital for NSH Petro's operating projects with the purpose of disbursing to pay off bank debts, tax debts, providing working capital, upgrading and expanding operations of existing facilities for 3 projects in Mai Dam (Hau Giang), Go Cong (Tien Giang), Tra Noc (Can Tho), with a total capital of about 290 million USD.

In phase 2 (implemented immediately after phase 1), Acuity Funding continues to provide capital for NSH Petro to implement 5 projects to build new factories in Tien Giang, renovate Nam Viet Cai Rang factory (Can Tho), increase working capital, support the completion of mixed projects in Dong Phu (Hau Giang) and Phong Dien (Can Tho) with a total capital of about 430 million USD.

These credit financing packages implemented in 2024 are stable and long-term, up to 20 years with a preferential extension period of up to 3 years, ensuring a solid foundation and opening up new, stronger development opportunities for NSH Petro.

At the same time, Acuity Funding also contributes management experience, brings advanced technology and becomes a strategic shareholder of NSH Petro to accompany the goal of sustainable development, bring benefits to the community and reduce emissions, and switch to green energy.

Mr. Mai Van Huy - Chairman of the Board of Directors of NSH Petro (left) and Mr. Ranjit Thambyrajah - Chairman and CEO of Acuity Funding signed the loan approval.

Speaking at the signing ceremony, Mr. Ranjit Thambyrajah, Chairman and CEO of Acuity Funding, said that this cooperation meets Acuity Funding's desire for the goal of developing green energy, and he considers this not a short-term cooperation of 10 years, 20 years but a long-term, long-term partnership with NSH Petro. Through that, it contributes to the socio-economic development of Hau Giang province as well as the entire Mekong Delta region.

On the local government side, Standing Vice Chairman of Hau Giang Provincial People's Committee Truong Canh Tuyen highly appreciated the cooperation between Acuity Funding and NSH Petro on the basis of mutual benefit, and he committed that the provincial government always accompanies NSH Petro, promptly removes difficulties and obstacles in the project implementation process, contributing to the overall development of the province.

Acuity Funding is a global private credit institution from Australia, a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), with more than 40 years of experience operating in the Vietnamese market for more than 9 years. Acuity Funding is capable of providing, coordinating and managing more than 100 billion USD worth of projects in 35 countries, especially in the Asia-Pacific region.

In addition to partnering with NSH Petro, Acuity Funding, with the support of the Australian government and green finance sources, will also expand cooperation in supporting public, public-private partnership (PPP) and private projects for many provinces and other businesses in Vietnam in the spirit of bringing benefits to the community, sustainable development and environmental protection.

Representatives of the People's Committee of Hau Giang province, the People's Committee of Tra Vinh province and representatives of the Australian Consulate General in Ho Chi Minh City took souvenir photos with leaders of NSH Petro and Acuity Funding.

Mr. Mai Van Huy, Chairman of the Board of Directors of NSH Petro, said that in 2024, the Ministry of Industry and Trade has allocated a total minimum source of gasoline and oil (including imported, produced, blended and purchased from domestic production sources) to NSH Petro of 684,926 m3; of which, gasoline is 466,186 m3, diesel oil is 218,740 m3.

“NSH Petro strives to overcome all difficulties, increase production to ensure the supply of gasoline and oil for the provinces and cities of the Mekong Delta, contributing to production development, maintaining energy security, and meeting the consumption needs of customers,” shared the Chairman of the Board of Directors of NSH Petro.

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