According to Ho Chi Minh City Securities Trading Center (HSTC), the Hapaco Company has officially signed an agreement with a German firm, Evagor GMBH, to build an oil refinery in Dinh Vu Industrial Zone in Hai Phong province.
This project will be managed by Hapaco, costing about US$ 130 million. The plant has an estimated capacity of 1 million tons/year, using crude oil from Viet Nam’s resources.
Evagor GMBH promised to take care of 85% the project’s capital with the machinery and equipment imported from Germany.
The stake of Hapaco came from preferential loans of the local government with the interest rate of 2.6% annually. The construction of the plants will take 2 years from the day the agreement was reached. The payback period is expected to be 5 – 6 years.
After the news came out, Hapaco share (HAP) slightly increased at the beginning of the session, but closed with VND 500/share (1.25%) below the opening price to VND 39,500/share.
Many investors are unhappy with the delay in the announcement of the agreement, which took place at the beginning of this month.
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