Petrovietnam Power unit to manage hydropower plants

Vietnam state oil monopoly Petrovietnam has established a subsidiary with capital of 7.6 trillion dong (US$471 million) to invest in and run power plants, including hydropower.

The newly formed Petrovietnam Power Corp. is to take over management of the US$420 million gas-fired Nhon Trach 1 power plant and Ca Mau 1 power plant and invest US$650 million in the Nhon Trach 2 plant in the southern industrial province of Dong Nai.

Petrovietnam’s wholly owned subsidiary also is to oversee a number of hydropower projects in which Petrovietnam has investment interest, an official said June 15.

It was previously announced that Petrovietnam and another state-owned firm, Lilama, are to build the 180-MW Hua Na hydroelectric project in Nghe An Province at a cost of 4.33 trillion dong (US$269 million). Vietnam’s government said June 5 it plans a US$1 billion international bond issue for projects including Hua Na, which is to go on line in March 2011. (HNN 6/5/07)

Petrovietnam Insurance Corp. (PVI) said in May it planned to raise 751.4 billion dong ($46.7 million) in a share sale to invest in hydro plant construction companies and to build oil tankers. PVI and Petrovietnam have become founding members of a company building several hydropower plants.

In January, PetroVietnam Finance Corp. lent 500 billion dong (US$31 million) to the 190-MW Dak Mi 4 hydroelectric project on Vietnam’s Vu Gia-Thu Bon River. That funding was part of US$174 million from several sources that was secured for Dak Mi 4 by Vietnam’s Urban and Industrial Zones Development Corp. (HNN 1/30/07)

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