mizzima.com-Sept 4
The Hong Kong based V-Power Company said in its financial report this week that it had ceased four of its five gas-fired power generation projects in Myanmar after incurring losses. V-Power, which has been in power generation projects for many years, said that though the domestic economic situation was seemingly stable in the first half of this year in Myanmar, foreign companies were facing difficulties in doing their business as the foreign exchange reserve was dwindling in the country.
The Financial Report said that these projects ceased as the contracts expired and only one project in Myingyan with 109.7 MW-capacity was still in operation.
Among the V-Power’s projects in Myanmar, Kyaukphyu 3, Thanlyin and Thaketa projects ceased their operations in July and October last year. Similarly, CNTIC V-Power Energy vessel which supplied LNG for LNG-to-Power projects in Yangon with installed capacity of 750 MW also left Myanmar at the end of March this year. For the six months ended 30 June 2023, the segment revenue from IBO (Investment, Building and Operating) business was approximately HK$408.0 million, representing a decrease of approximately HK$458.3 million or approximately 52.9% as compared to the corresponding period in 2022. The decrease in revenue was mainly attributable to the decline in contribution from projects in Myanmar of approximately HK$141.4 million, the financial report said. Read more at: https://www.mizzima.com/article/hong-kong-based-v-power-company-ceases-four-projects-myanmar
