PetroVietnam to take over two gas-fired power projects from EVN

The overview of O Mon Power Centre in Can Tho City

The government on May 29 approved to PetroVietnam to take over the above two projects, as Electricity of Vietnam (EVN) is facing difficulties in using official development assistance (ODA) to develop O Mon III and difficulties in mobilising commercial loans for the O Mon IV project.

PetroVietnam currently has better conditions in terms of capital and experience.

Deputy Prime Minister Tran Hong Ha said that resolving the pending issues to accelerate the projects was an urgent requirement to ensure the smooth operation of the chain of gas-fired projects.

Ha asked EVN to closely collaborate with PetroVietnam to hand over works relating to the two projects to the new investor. At the same time, he assigned PetroVietnam to accelerate the completion of procedures to mobilise capital and select contractors to implement the projects soon.

The projects are two of four power plants in O Mon Power Centre in Can Tho City. The plant uses combined-cycle gas turbine technology.

The two plants are responsible for providing a stable power source for the national power system, contributing to ensuring energy security and power supply safety.

Simultaneously, the two projects will promote effective exploitation of national resources of the Block B gas chain on the Southwest coast, contributing to ensuring the nation’s sovereignty and security of the sea and islands.

O Mon III has investment of VND25.2 trillion ($1.1 billion), of which VND9.93 trillion ($431.7 million) is the reciprocal capital from EVN. The other 60 per cent is set to be sourced from Japanese ODA.

O Mon IV has a total investment of VND30 trillion ($1.3 billion), 20 per cent of which is self-arranged capital by EVN and 80 per cent comes from non-Government guaranteed commercial loans.

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