S Korea inks deal to build Quang Ninh power plant

Doosan Heavy Industries and Construction Company, South Korea's leading power equipment maker, announced the signing of a US$1.3 billion deal in Seoul last week to build a coal-fired power plant in Viet Nam.

Under the deal with AES-VCM Mong Duong Power Company, Doosan Heavy would provide engineering, procurement and construction for the 1,200-megawatt plant which would be completed by 2015.

The Mong Duong 2 plant would be built in the northern province of Quang Ninh which has vast coal reserves and deep sea access.

"The deal will help secure a foothold in the Southeast Asian country, whose power plant market is estimated to reach US$17.7 billion by 2015," the company said in a press release.

By the end of this year, the total capacity of Viet Nam's power industry will be 20,900MW, of which 10,400MW was provided by Electricity of Viet Nam from 2006-10. This is 1.98 times of the 2005's figure.

The average growth rate of residential electricity purchases from 2006-10 was 13.7 per cent, double the GDP growth rate.

Electricity demand will peak at 981KWh per capita per year by the end of this year, 1.8 times higher than 2005.

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