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Contractors sign $2.1 bln thermal power project

In Uncategorized on April 23, 2010 at 4:38 pm

Contractors sign $2.1 bln thermal power project

QĐND – Friday, April 23, 2010, 21:24 (GMT+7)

Five contracts to build the US$2.1 billion Mong Duong thermo-power plant No 2 in the northern province of Quang Ninh were signed on April 22.

The project is co-sponsored by American Electric Supply, Inc (AES) and the Vietnam National Coal and Minerals Industries Group (Vinacomin-TKV), with an estimated capacity of 1,200 MW. The US group has contributed 90 percent of the capital and Vinacomin, 10 percent, to form the joint-venture, Mong Duong AES-TVK.

The Mong Duong 2 is the first power project in the form of BOT which has been signed since 2001, said Minister of Industry and Trade Vu Huy Hoang at the signing ceremony.

US Ambassador to Vietnam Michael W. Michalak said the signing of the BOT contract for the project significantly manifests the rapid growth of economic cooperation between Vietnam and the US. It also proves AES’s long-term commitment to Vietnam’s energy development via the public-private partnership (PPP) model, he added.

The ambassador also said he hopes the Ministry of Planning and Investment will soon make laws on PPPs to create equal competition for foreign investors in Vietnam.

Source: VNA

Source: QDND