The MoIT proposed to assign EVN to prepare human resources and related expenditures to take over the two plants.

Previously, both EVN and PetroVietnam were two candidates which wanted to take over the two plants. PetroVietnam stated that it could ensure the two plants would operate at full capacity, thus the finished products’ selling price would be competitive. PetroVietnam also has experience in operating and managing gas-fired power plants in Vietnam, such as Nhon Trach 1 and 2 and Ca Mau 1 and 2.

However, in a document submitted to the prime minister in January, the MoIT said that after thorough consideration, the ministry proposed that the PM allows EVN to take over the two plants because EVN has 35 years of experience in operating power plants in collaboration with finance capacity.

The two projects were developed by foreign investors in 2001. Phu My 3 in Ba Ria-VungTau province was developed by Sembcorp, Kyuden International Corporation, and Sojitz Corporation. In May 2001, the investors and the MoIT signed the contract.

The plant began commercial operation on March 1, 2004, and is expected to be run by the foreign investors for 20 years before it is transferred without reimbursement to Vietnam on March 1, 2024, when the contract expires.

Regarding Phu My 2.2, the power plant in Ba Ria-Vung Tau with a capacity of 715MW was invested by EDFI, Summit Global Management II B.V, and TEPCI. The contract was signed on September 18, 2001, and began operating in 2005. This means that the plant will be transferred to Vietnam on February 4, 2025.

Source: VIR