Tepco, Sumitomo Corporation, EDF Commence Construction of the Phu My 2-2 Natural Gas ACC Power Plant Project in Vietnam
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Tepco, Sumitomo Corporation, EDF Commence Construction of the Phu My 2-2 Natural Gas ACC Power Plant Project in Vietnam - JCN Newswire
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Tepco, Sumitomo Corporation, EDF Commence Construction of the Phu My 2-2 Natural Gas ACC Power Plant Project in Vietnam

Tokyo, Jan 8, 2003 - (JCN Newswire) - On January 8, 2003, the consortium consisting of Electricite de France (EDF), Sumitomo Corporation and TEPCO started construction of the natural gas ACC (Advanced Combined Cycle) power plant so as to commence commercial operation in September 2004 in respect of the Phu My 2-2 Project, the first IPP project in Vietnam.

A grand breaking ceremony was held at the site on January 8, 2003 in which about 200 people from the Vietnamese authorities, the local government and the lenders were getting together. Principal participants from the Vietnamese authorities and TEPCO were Mr. Hoang Trung Hai, Minister of Industry, and Mr. Susumu Shirakawa, Managing Director of TEPCO, respectively.

Our consortium was, after going through the first international competitive bid organized by the Vietnamese authorities, entered into the project documents in September 2001 and established the Mekong Energy Company Ltd ("MECO") for the purpose of developing the project.

On top of the above ownership, TEPCO has been providing MECO with owners' engineer that conducted engineering services for design review of the plant. During the construction phase, TEPCO will dispatch five engineers (thermal and civil) to the project. During the operational phase, TEPCO together with EDF will provide MECO with various technical supports through Technical Services Agreement.

The Phu My 2-2 project will construct a thermal power station that is located on the coast 50 km southeast from Ho Chi Minh City (Ba Ria - Vung Tau Province) with the capacity of 715MW. This is the first BOT power project in Vietnam 100% owned by foreign investors.

The project adopts Advanced Combined Cycle technology of which TEPCO has had sufficient operational experience. This technology will enable us to pursue the world's highest thermal efficiency. Also, the project will utilize natural gas for primary fuel. This natural gas will be supplied from Nam Con Son gas field off the coast of Vietnam.

The project will generate electricity which will be 100% purchased by Electricity of Vietnam. The project will transfer the plant to the Government of Vietnam twenty years after the commercial operation date.

On top of this project, TEPCO is developing two IPP projects in Taiwan (Star Energy and Sun Ba) and Tarong North project in Australia. TEPCO will continue to develop overseas project that will enable TEPCO to utilize its know-how and expertise.

About Sumitomo Corporation

Founded in 1919, Sumitomo Corporation (TSE: 8053; US: SSUMY) is one of the largest, major general trading companies in Japan. The Company conducts commodity transactions in all industries utilizing worldwide networks, and provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Sumitomo Corporation thus shows great diversification as an Integrated Business Enterprise. Trading industries are Metal, Transportation & Construction Systems, Machinery & Electric, Media, Electronics, & Network, Chemical, Mineral Resources & Energy, Consumer Goods & Service, Material & Real Estate, and Financial & Logistics. For more information, please visit www.sumitomocorp.co.jp.

About Tokyo Electric Power Co., Inc.

Tokyo Electric Power Company, Incorporated (The) was established in 1951 and is Japan's largest electric power supplier. The company is based in the Tokyo metropolitan area and surrounding prefectures, operates one hundred and fifty seven hydroelectric power plants, twenty nine thermal power plants and three nuclear power plants and supplies electricity to about 23.2 million households and 2.8 million commercial and industrial customers. One of the world's largest electric utilities, TEPCO has a generating capacity of 57,800 MW, produced by fossil fuel (56%), nuclear (30%), and hydroelectric (14%) power sources. Seeking diversity in the face of a reduced monopoly status caused by deregulation, TEPCO is moving into communications. It owns a major stake in Tokyo Telecommunication Network (TTNet, local and long-distance phone service). TEPCO is in a telecommunications joint venture with nine other Japanese electric companies.

Contact:

Tokyo Electric Power Co., Inc.
Naoki Kobayashi
k.naoki@tepco.co.jp
+81-3-4216-1111

Sumitomo Corporation
Jun Iwata, Corporate Communications Dept
jun.iwata@sumitomocorp.co.jp
+81-3-5166-5000


 


Jan 8, 2003
Source: Sumitomo Corporation
Source: Tokyo Electric Power Co., Inc.

Sumitomo Corporation (TSE: 8053) (U.S: SSUMY)
Tokyo Electric Power Co., Inc. (TSE: 9501)

From the Japan Corporate News Network
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