Energy giants seek nod to take over two BOT power plants

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Vietnamese energy giants Vietnam Oil and Gas Group (PVN) and Vietnam Electricity Group (EVN) are awaiting the nod to take over two build-operate-transfer (BOT) power plants developed by foreign investors.

Energy giants seek nod to take over two BOT power plants
The Phu My 3 power plant. – Photo: EVN

The Government Office wrote to the Ministry of Industry and Trade, the Ministry of Finance and the Ministry of Planning and Investment informing them of an instruction of Deputy Prime Minister Le Minh Khai about the transfer of Phu My 2.2 and Phu My 3 power plants.

The deputy prime minister asked the ministries to ensure the progress of the transfer of the two power plants in line with the law and the terms of the BOT contracts.

These are two large power projects implemented by foreign investors in Ba Ria-Vung Tau Province to produce power for the southern part of the nation.

The Phu My 3 power plant, with a capacity of 716.8 MW, is developed by Sembcorp, Kyuden International Corporation and Sojitz Corporation. The plant was put into operation on March 1, 2004, and will be transferred to Vietnam on March 1, 2024.

The Phu My 2.2 power plant, with a capacity of 715 MW, is developed by EDFI, Summit Global Management II B.V and TEPCI. The plant was put into operation in 2005 and will be transferred to Vietnam on February 4, 2025.

Both PVN and EVN have proposed that the Ministry of Industry and Trade allow them to take over the two power plants.

EVN said it is tasked by the prime minister with ensuring power supply for the country. Besides, it is operating some power plants at the Phu My power center, has many years of experience in operating power plants, and has joined the Ministry of Industry and Trade in BOT contract negotiations for the Phu My 2.2 and Phu My 3 power plants.

Meanwhile, PVN said it can ensure a sufficient supply of input to help the two power plants operate at their highest capacity. In addition, it has a strong financial capacity and experience in operating other power plants such as Ca Mau 1, Ca Mau 2, Nhon Trach 1 and Nhon Trach 2.

In a document sent to the prime minister on January 5, the Ministry of Industry and Trade proposed allowing EVN to take over the Phu My 2.2 and Phu My 3 power plants after they are transferred to Vietnam from foreign partners.

Source: SGT

Foreign investors are about to transfer two power plants built under the BOT mode when the 20-year contract terminates. State-owned corporations are outdoing one another to take over the plants.

A clear power policy and early publication of new power planning are urgently needed for Vietnam to attract private capital in infrastructure energy.

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