At the working session. (Source: www.pvpower.vn)

 Hanoi (VNA) – Teakwang Industrial Co (Taekwang Ind) of the Republic of Korea (RoK) said it wants to become a strategic investor of PetroVietnam Power Corporation (PV Power).

At a working session with PV Power Chairman Ho Cong Ky in Hanoi on March 13, President and CEO of Teakwang Power Holdings (TKPH) Sang Rok Kim said Taekwang Ind was one of the first RoK groups to invest in Vietnam and has operated in the country for more than 23 years.

Established in 2008 as a subsidiary of Taekwang Ind, TKPH aims to invest in electricity projects in Vietnam, he said.

TKPH is the main investor of the 1,200 MW Nam Dinh Build-Transfer-Operation (BOT) Thermal Power Plant which is under financial arrangement, Kim said.

Taekwang Ind has completed assessments for and field-trips to PV Power plants, he said, noting that that the group hopes to become a strategic investor of PV Power, toward a long-term goal.

Applauding Taekwang’s desire, Ky highlighted PV Power’s advantages such as its environmentally friendly and modern equipment and healthy financial structure.
PV Power wants partners like Taekwang Ind, he said.

The two sides agreed to enhance cooperation and carry forward each side’s strength, supporting each other in development.

Founded in 2007, PV Power is fully-owned by the Vietnam National Oil and Gas Group (PetroVietnam). It operates eight power companies and plants with a total capacity of 4,208.2 MW, capable of supplying about 21 billion kWh per year, or 12 percent of the country’s total power output.

The corporation earned approximately 31 trillion VND (1.36 billion USD) in revenue in 2007. Its pre-tax profit exceeded 2.5 trillion VND (110 million USD), 83 percent more than the early target.-VNA