Billion-dollar Long Phu 1 thermal power plant delays for years PetroVietnam has sent documents to the Ministry of Industry and Trade (MoIT) to update and report about the implementation and problems at Long Phu 1 Thermal Power Plant project. Accordingly, by September 2018, the overall progress of the engineering, procurement and construction (EPC) contracts of the joint venture between Power Machines (PM) and PetroVietnam Technical Services Corporation (PTSC) reached 77.01 per cent compared with the target 99.35 per cent. Also, in the documents sent to the MoIT, PetroVietnam proposed to increase the investment by VND11.6 trillion ($504.35 million). Explaining the reasons, PetroVietnam cited a range of cost increases (see table). Cost increases at Long Phu 1 Thermal Power Plant Construction costs VND4.087 trillion $177.69 million Equipment costs VND5.104 trillion $221.91 million Compensation for settlement and land clearance VND15.24 billion $662,608 Management expenses VND522.196 billion $24 million Construction investment consultancy VND596.4 billion $25.9 million Provisioning expenses VND1.260 trillion $54.78 million Other expenses VND3.021 trillion $131.35 million The project is currently running 18 months behind schedule and may be delayed by at least 36 months as the contractor Power Machines from Russia has been sanctioned by the US. On January 26, the… Read full this story
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