Half-a-billion dollar power project okayed
Vietnam Agency, 06 October 2003
The Government has approved a 500 million USD project to develop a thermo-power station in the northern province of Quang Ninh.
The 600-megawatt station will be located in Ha Khanh in Ha Long City, according to a document signed by Deputy Prime Minister Nguyen Tan Dung last week.
Quang Ninh Thermo-power Shareholding Co. will be established to implement the project after the MOI undertakes a project appraisal.
The document says the ministry will be responsible for evaluating and approving the technical design and calculating the budget for the project.
The MOF will provide guarantees for the project to borrow from foreign credit institutions to buy equipment and materials that are not produced in the country.
Local commercial banks can provide the project with loans exceeding 15 percent of chartered capital. The current rules ban banks from making loans exceeding 15 percent of chartered capital.
The average investment in thermo-power stations is 1,200 USD per kilowatt hour. For the Quang Ninh project, the figure is only 900 USD owing to the application of state-of-the art technology, Tran Quoc Lam of Electricity of Viet Nam said.
The station is scheduled for completion by 2008.
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