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.
HAP price is still going down with the delay in annoucement of the agreement. (Designed by T.C)
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