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EVN chosen to take over multi-billion dollar power plants

Both the Electricity of Vietnam (EVN) and PetroVietnam want to take over the two thermopower plants when foreign investors transfer the plants to Vietnam after 20 years of operation.

The Ministry of Industry and Trade (MOIT) has sent a report to the Prime Minister about the transfer of Phu My 3 and Phu My 2.2 when the BOT contracts terminate. The viewpoint of the ministry is that the two power plants should be given to one corporation, EVN, for management. 

MOIT has proposed that the Prime Minister allow EVN to manage, operate, and maintain Phu My 2.2 and Phu My 3 BOT projects after the transfer; and ask EVN to prepare workforce and necessary resources to receive the plants; and participate in the preparation steps to receive factories with MOIT and relevant ministries.

Regarding cooperation with agencies to figure out plans on receiving the power plants, MOIT has requested the participation of some ministries. However, some ministries and branches have refused to participate in the process, including the Ministry of Justice and Committee for State Capital Management at Enterprises, while the Ministry of Finance will only participate in some steps of the process.

Under the BOT contracts (3 years before the transfer), on January 27, 2022, Phu My 2.2 BOT Company sent a transfer plan to MOIT and asked the ministry to assign the company to join forces to implement the next steps.

On February 15, 2012, Phu My 3 BOT Company sent a document requesting to witness the final overhaul period and partial acceptance of the plant. With the participation, the Vietnamese side will initially assess the state of the plant and support the monitoring of the pilot operation, meeting the operation standards before the transfer.

Phu My 2.2 and Phu My 3 are two BOT thermopower plants developed by foreign investors in 2001. 

Phu My 3 in Ba Ria – Vung Tau was developed by Sembcorp, Kyuden International Corporation and Sojitz Corporation. The plant has a capacity of 716.8 MW. The project contract and BOT contract were signed by the Ministry of Industry, now the Ministry of Industry and Trade, with the investor/BOT company on May 22, 2001.

The plant became operational on March 1, 2004 and it will be transferred without reimbursement to the Vietnamese side after 20 years, on March 1, 2024, when the BOT contract terminates.

Phu My 2.2 is located in Ba Ria – Vung Tau, developed by EDFI, Summit Global Management II B.V and TEPCI with a capacity of 715 MW. The BOT contract was signed on September 18, 2001 and became operational in 2005. The power plant will be transferred to Vietnam on February 4, 2025.

Luong Bang

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