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Sumitomo, Tepco Commence Operations of Phase Two Project of Phu My No. 2 Thermal Power Plant in Vietnam
 

Tokyo, Feb 18, 2005 (JCN) - Sumitomo Corporation (TSE: 8053), together with The Tokyo Electric Power Co., Inc., (TSE: 9501) and Electricite de France ("EDF") have announced commencement of the "Phase Two Project of Phu My No. 2 Thermal Power Plant" in Vietnam. Business operations at the power plant started on February 4, 2005.

The project, valued at 42 billion japanese yen, was initiated by the Government of Vietnam, and is the first private sector power plant established with 100% foreign capital using the BOT-system. The BOT-system is a system involving project participation by private sector businesses to (B) build, (O) operate facilities and (T) transfer them to the government of the host country at the conclusion of the business period.

Esablished in in September 2001 via an international bid, the three companies created the Mekong Energy Company Ltd. to oversee the project, and proceeded with the construction of the thermal power plant. The plants output is 715,000kW, and is located on the coast about 50km southeast of Ho Chi Minh City in Ba Ria Vung Tau Province. The plant began operations in January 2003.

Powering the plant is a stable supply of natural gas, obtained from Petrovietnam through a pipeline from the Nam Con Son Basin Gas Field in Vietnam. The advanced combined cycle (ACC) has been adopted as the power generating method, since it has a high heat efficiency of approximately 51%.

Based on the electric power sales contract, the whole generated power will be sold to Electricity of Vietnam (EVN). Once the operation period of twenty years (from the start of operations) is completed, ownership of this power generating facility will be transferred to the government of Vietnam.

By Dale Hug Staff Writer

Copyright © 2014 JCN. All rights reserved. A division of Japan Corporate News Network KK.


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