The state-run oil monopoly PetroVietnam group is capable of providing sufficient capital and coal for its five coal-fired power projects with a combined capacity of 6,000 MW, Deputy General Director Nguyen Tien Dung said.
The projects, which include the 1,200-MW Thai Binh 2, the 1,200-MW Song Hau 1, the 1,200-MW Vung Ang 1, the 1,200-MW Long Phu 1 and the 1,200-MW Quang Trach 1, are estimated to cost over US$6 billion in total and need a total of 18 million tons of coal.
PetroVietnam is able to mobilize 30 per cent of the total investment, Dung affirmed, adding that the group is actively seeking the rest from its foreign partners.
PetroVietnam has signed an agreement with two South Korean companies, Kepco and Amco, to build the Thai Binh 2 plant in northern Thai Binh province.
They will hold a combined stake of 49 per cent in the project while Itochu of Japan and GP Power of Germany also advanced their interests in the plant, he noted.
Also, South Korea’s IGC Group is seeking approval from PetroVietnam to invest in the Long Phu 1 plant in southern Soc Trang province.
Regarding fuel for all the plants, PetroVietnam has recently set up a coal supply company to import coal from foreign markets to feed the plants.
The newly-established company and PetroVietnam will negotiate to buy overseas coal supplies to keep the plant in fuel well into the future.
The group also plans to buy shares and team up with foreign partners to produce coal in Indonesia and Australia while seeking a coal supply from Russia.
PetroVietnam, however, is facing some difficulties in reaching power purchase agreements (PPAs) with the state-owned Electricity of Vietnam Group (EVN), Dung said, hoping the government and the Ministry of Industry and Trade will map out a model framework for power prices soon. (Vietnam & World Economy)
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