LOS ANGELES, CA and HO CHI MINH, Vietnam, Jan. 4, 2012 /PRNewswire/ -- PHI Group, Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company focused on energy and natural resources, announced today that it has signed an agreement with Hoang Ngoc Joint Stock Company, a Vietnamese company, to build a 2,000 MW coal-fired power plant in Vinh Hau Village, An Phu District, An Giang Province, Vietnam.
PHI Group is working with several international institutional investor groups that have indicated an interest in financing this project as well as power plants in Quang Tri Province with Sao Nam Group.
PHI Group has the capability to supply coal to power plants on a long-term offtake basis through its relationships in Southeast Asia and also has an agreement with a U.S. company to provide a coal-combustion-to-steam-energy system that requires 50% less coal to produce the same energy as presently combusted in traditional coal-fired power plants.
Coal is one of the world's most plentiful and inexpensive sources of energy. However, it is also one of the world's largest sources of pollution and CO2. By doubling the amount of potential energy produced by coal, this clean coal combustion technology reduces the production cost of coal energy by half or more.
Henry Fahman (top right photo) Chairman of PHI Group, said, "We are delighted to work with both Hoang Ngoc Company and Sao Nam Group to provide key resources such as financing, advanced clean-coal combustion technology, and long-term coal supply for these projects and expect to generate very significant value for our shareholders."
Phong Tran, Chairman of Hoang Ngoc Joint Stock Company, stated, "We look forward to accomplishing major milestones with PHI Group in the near future and are confident that our cooperation will bring about mutual benefits for both companies."
Hoang Ngoc is a Vietnamese Joint Stock Company engaged in investment, trade and services with primary focus in developing and building the power plant(s) in Vinh Hau Village, An Phu District, An Giang Province, Vietnam.
PHI Group (OTCQB: PHIE.PK) (Pinksheets: PHIE.PK) focuses on energy and natural resources in Southeast Asia and engages in real estate development and M&A advisory and consulting services. The company is developing Pointe91, a luxury resort and premium residential community in Chu Lai, Quang Nam Province, and other real estate projects in Vietnam through PHILand Ranch Ltd. (www.philandranch.com) (Frankfurt: 1P8.F). It also assists companies to go public and access the capital markets in the U.S. and Europe.
Contact:
Henry Fahman
+1-714-843-5455
PHI Group, Inc.
Web Site: http://www.phiglobal.com/
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