Environmental Review Summary
Project Number
11246
Company Name
VILLA SHIPPING & TRADING COMPANY PVT.LTD
Date ERS Disclosed
Mar 1, 2002
Country
Maldives
Region
South Asia
Environmental Category
B - Limited
Status
Completed
Previous Events
Approved : Jun 25, 2002
Signed : May 13, 2003
Invested : Jun 17, 2003
Sector
Resort Hotel (Including Lodges)
Industry
other
Department
Regional Industry - MAS Asia & Pac
Project Description
Villa Shipping and Trading Company, Pvt., Ltd. (VSTC) is implementing a US$ 40.8 million corporate investment program consisting of:
i) Infrastructure for Trading Operations (US$ 23.2 million) including installing storage tanks for diesel, kerosene and petrol (38,000 m3), LPG storage and filling plant (2,538 MT) and cement storage silos and packaging plant (8,000 MT).
ii) Energy Saving Equipment (US$ 4.3 million) including solar water heating systems, heat recovery systems and rationalization of the installed power generating capacity. These systems would reduce energy consumption by 10-20%, resulting in savings of about US$ 0.6 million per annum.
iii) Environment and Safety Infrastructure (US$ 3.8 million) including fire detection and safety systems, exhaust chimney systems, and waste water treatment plants.
iv) Debt Restructuring of up to US$ 9.5 million of short-term debt.
The project site consists of: i) five resorts located in the Maldives namely: Fun Island (Bodufinolhu), South Male Atoll; Holiday Island (Dhiffushi), South Ari Atoll; Paradise Island (Lankanfushi), North Male Atoll; Sun Island (Nalaguraidhoo), South Ari Atoll; and Royal Island (Horubadhoo), Baa Atoll, and ii) Villa Hakatha on Thilafushi Island near Male.
i) Infrastructure for Trading Operations (US$ 23.2 million) including installing storage tanks for diesel, kerosene and petrol (38,000 m3), LPG storage and filling plant (2,538 MT) and cement storage silos and packaging plant (8,000 MT).
ii) Energy Saving Equipment (US$ 4.3 million) including solar water heating systems, heat recovery systems and rationalization of the installed power generating capacity. These systems would reduce energy consumption by 10-20%, resulting in savings of about US$ 0.6 million per annum.
iii) Environment and Safety Infrastructure (US$ 3.8 million) including fire detection and safety systems, exhaust chimney systems, and waste water treatment plants.
iv) Debt Restructuring of up to US$ 9.5 million of short-term debt.
The project site consists of: i) five resorts located in the Maldives namely: Fun Island (Bodufinolhu), South Male Atoll; Holiday Island (Dhiffushi), South Ari Atoll; Paradise Island (Lankanfushi), North Male Atoll; Sun Island (Nalaguraidhoo), South Ari Atoll; and Royal Island (Horubadhoo), Baa Atoll, and ii) Villa Hakatha on Thilafushi Island near Male.
