Korea, Japan firms to build $2.3 bln Vietnam thermal power plant

A Ministry of Trade and Industry official (C) hands over the contract for the construction of the Nghi Son 2 power plant in Thanh Hoa to representatives of KEPCO and Murabeni CorpA Ministry of Trade and Industry official (C) hands over the contract for the construction of the Nghi Son 2 power plant in Thanh Hoa to representatives of KEPCO and Murabeni Corp

The Ministry of Trade and Industry announced Friday that the South Korea Electric Power Corp and Japanese firm Murabeni Corp have won the bid to build the Nghi Son 2 thermal power plant in the northern province of Thanh Hoa.

The coal-fired plant, estimated to cost some US$2.3 billion, will be a BOT (build-operate-transfer) project.

The 1,200-megawatt plant is expected to go on stream by 2018, news website VnEconomy reported Saturday.

KEPCO and Murabeni Corp. will have equal stakes in the project.

A Reuters report on March 22 said the two plan to secure financing from Korea Eximbank and the Japan Bank for International Cooperation and award the construction contract to Korea’s Doosan Heavy Industries Construction.

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KEPCO will operate the plant for 25 years — with revenues in the period projected at $15 billion, according to Reuters — before transferring it to the Vietnamese government.

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