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US$2-billion power project in Kien Giang faces suspension
The Saigon Times Daily
Thursday,  Oct 5, 2017,18:22 (GMT+7)

US$2-billion power project in Kien Giang faces suspension

The Saigon Times Daily

HCMC - Deputy Prime Minister Trinh Dinh Dung has urged ministries and departments to accelerate revocation of long-delayed Kien Luong 1 Thermal Power Plant project as well as Nam Du Deep Sea Port project in Kien Giang Province, according to the Government Office.

Kien Luong 1 Thermal Power Plant project, developed by Tan Tao Investment and Industry Corporation (ITACO), was approved by the Prime Minister in 2008.

However, the project has been moving at a snail’s pace due to financial difficulties. The Government has taken specific measures to accelerate the construction of the project, such as allowing the investor to develop the project under build-operate-transfer (BOT) format with the Government’s guarantee commitment.

Due to slow construction, Kien Luong 1 together with Kien Luong 2 Thermal Power Plant project have been left out of the list of power projects that will be put into operation until 2030 of the revised Power Plan VII.

To step up the revocation of thermal power plants of the Kien Luong Power Center project, including Kien Luong 1 and 2 thermal power plants, Deputy PM Dung has assigned the Ministry of Industry and Trade to work with related agencies to make a general and thorough assessment of the projects’ construction progress to prepare for revocation. Parties involved in this job will include the Ministries of Planning and Investment, Transport, Construction, Justice, Finance and the People’s Committee of Kien Giang Province.

In 2014, the Government agreed to allow ITACO to transfer Kien Luong 1 Thermal Power Plant project from the build-own-operate (BOO) format to the BOT format.

According to the plan, the plant will have two generators with the combined capacity of 1,200 MW, requiring total investment of more than US$2 billion. The project is developed on a total area of 160 hectares.

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