EVN’s VND9.3 Tril. Debts To PVN, Vinacomin

By StoxPlus, July 10th, 2013

Vietnam Electricity Group (EVN) still owes Vietnam Oil and Gas Group (PVN) over VND9 trillion and Vietnam National Coal and Mineral Industries Group (Vinacomin) more than VND3 billion.

PVN Chairman Phung Dinh Thuc said EVN since 2012 had fully paid PVN for the electricity it purchased. The debt of VND9 trillion mentioned above was accumulated in the years before that.

Nguyen Van Bien, deputy general director of Vinacomin, said EVN had seriously dealt with its debt to Vinacomin, reducing it from over VND1 trillion in 2012 to some VND3 billion now.

Speaking on PVN’s business performance on Monday, Thuc said the group would accelerate its power projects in 2013. It is expected that the first boiler of Vung Ang 1 thermo-power plant will start operating later this year and the plant will begin a trial run and connect to the grid in the first quarter of 2014.

PVN has chosen partners for the thermoelectric projects Thai Binh 2 and Long Phu 1 and is awaiting the final decision of the Government.

In the first six months, PVN extracted 13.64 million tons of oil. The group earned nearly VND365 trillion, 15% higher than planned, and paid VND89 trillion to the State budget.

PVN is running three ethanol projects with total capacity of 300,000 tons per year.

The ethanol plant in Dung Quat is operating at a capacity of 100,000 tons a year. PVN intends to use 3% of the ethanol output to make bio-gasoline for sale at the filling stations managed by the group.

PVN is calling on fuel companies to invest in bio-gasoline distribution channels.

Meanwhile, the plant in Binh Phuoc has been completed. However, as exports bring in losses and consumption at home is poor, the plant has been inactive.

The ethanol project in Phu Tho is still under construction. Construction costs have risen significantly, leading to disagreement between related parties, and thus the project has been halted.

Using the bio-petrol E5 will be mandatory in seven cities from December 2014 onwards, and one year later, the rule will take effect nationwide.

“We hope when the use of bio-petrol is compulsory nationwide, the ethanol plants of PVN will operate efficiently,” said Thuc.

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