Eden Group, a Myanmar company, signed memorandum of understanding with Japan-based Marubeni Corporation and Thailand-based Global Power Synergy Company (GPSC) to cooperate in the construction of a 400 megawatt gas-fuelled power plant in Thilawa Special Economic Zone. The MoU was signed at the Hilton Hotel in Nay Pyi Taw on Wednesday.
The three companies will construct the power plant in Thilawa SEZ in partnership with the Electric Power Ministry.
Eden Group holds a 15-per cent stake in the project.
The Myanmar government will purchase the electricity produced by this plant to power the Thilawa SEZ, located in Yangon Region, through the electricity distribution network.
“The project will be finalised in a short time if it operates according to procedures, and existing laws,” said Khin Maung Soe, Myanmar’s minister of electric power.
Several subsequent steps in the project will be carried out within nine months of the signing of the MoU, including a feasibility study, locating a project site, environmental and social impact studies, discussions on joint the venture agreement, mapping a business plan and submitting a proposal to the Myanmar Investment Commission.
Katsumi Miyamoto from Marubeni Corporation said the power plant is expected to distribute electricity to Yangon, Thanlyin and Thilawa SEZ.
Eden Group has been exploring offshore oil and gas in Myanmar, and the PTT Group, the mother company of GPSC, is also operating offshore Block M-3.
Since more than four offshore oil and gas sites have been found, gas-powered electricity production plants are expected to be introduced as an alternative to coal-fired power plants.
Source: Eleven Media