PetroVietnam to bolster power project investments

PetroVietnam will continue to invest in power projects in anticipation of future profits.

The group is unperturbed even though Vietnam Electricity owed it a combined 10 trillion dong by October last year.

Petrovietnam chair Phung Dinh Thuc considers power generation as one of the five business fields of the group and this will continue in the future.

Apart from thermal power projects that the group has been developing, PetroVietnam is seeking to get involved in five coal-fired power projects which Vietnam Electricity returned to the government.

They are Vung Ang 1, Thai Binh 2, Long Phu 1, Song Hau 1 and Quang Trach 1. Each of these projects have a capacity of 1,200 megawatts and requires $1.5 billion.

The first two projects, Vung Ang 1 and Thai Binh 2, have been approved by the government to run on domestic coal, while PetroVietnam is seeking suppliers of non-price-subsidised coal.