EVN and GENCO 3 invested $ 4.39 billion in a gas project in Ba Ria - Vung Tau

15:47 02/22/2018

In the morning of the 23rd, 2018, the People's Committee of Ba Ria - Vung Tau province organized the Meeting of the Company and Investors of the Mau tuat Spring 2018 to recognize the contribution of enterprises and investors inside and outside the province for the Socio-economic development of Ba Ria - Vung Tau Province.

In the morning of the 23rd, 2018, the People's Committee of Ba Ria - Vung Tau province organized the Meeting of the Company and Investors of the Mau tuat Spring 2018 to recognize the contribution of enterprises and investors inside and outside the province for the Socio-economic development of Ba Ria - Vung Tau Province.

At this event, the People's Committee of Ba Ria - Vung Tau and General Electric Corporation No. 3 (EVNGENCO 3) officially signed the memorandum of understanding and investment support for Long Son Power Center Project with total Investment capital is estimated at $ 4.39 billion.

The Long Son Power Center Project is invested by the Electricity of Vietnam (EVN) and Electricity Generating Corporation No. 3, which use Liquefied Natural Gas (LNG) to generate electricity with a capacity of 3,600 MW in Long Sơn commune, Vung Tau province. According to the plan, the project will be built on a three-phase route from 2019 to 2025, including the construction of a 3.5 million tonne LNG terminal and three combined cycle gas turbine plants with 1200MW per factory.

The Long Son Gas Plant was built with the objective of reducing the shortage of electricity and improving the power supply in the southern region in general and Ba Ria - Vung Tau province in the period from 2020 to 2030 and the next years.

According to the plan, Long Son Power Center will add 21 billion kWh of electricity per year to the national electricity system and contribute VND4,130 billion to the state budget. After running all three phases, EVNGENCO 3's total capacity wil increase from 6,540 MW to 10,140 MW. EVNGENCO 3 is the largest producer in the market, excluding EVN Corporation. In terms of market share, EVNGENCO 3's capacity percentage is 16% while its output percentage is 17%.

Power plants include four gas-fired power plants, three hydro power plants and two coal-fired thermal power plants and two hydro-electric thermal power plants and three hydropower companies owned by EVNGENCO 3.

EVNGENCO 3 has recently implemented initial public offering of shares with an average winning price of 24,802 dong / share. In the coming time, this company is expected to continue offering shares to strategic investors with a 36% offering rate. (to be continued)