the Ô Môn 2 Thermal Power Plant project, invested by Vietrancimex and Marubeni, with a total preliminary investment of 30,560 billion VND, a capacity of 1,050 MW, using gas from Lot B and imported LNG. The project was approved by the Prime Minister for investment policy at the end of 2020 and is expected to be completed in 2024 – 2025.
The article also comments on the issues related to the economic – social efficiency, capital source, support mechanism and progress of the project.

According to the Ministry of Planning and Investment, the project has a return on investment rate of 12% and a net present value of 6,142 billion VND, but the electricity price of the project is 11.02 US cents / kWh, much higher than the current market price and the average retail electricity price. The investor also requests the foreign currency guarantee and gas supply mechanisms for the project. The Ministry of Planning and Investment said that the project has not ensured self-efficiency and needs to review the electricity price compared to other projects.

The article also points out some points to note about the charter capital, deposit, machine capacity range and commercial loan capital of the project. According to the dossier, the investor will establish Ô Môn 2 Power Co., Ltd. to implement the project after being granted an investment registration certificate. However, the expected charter capital of the company is only 2 billion VND, which is not suitable with the legal regulations. The total preliminary investment of the project is higher than that of Ô Môn 4 project with the same capacity invested by EVN. Regarding the commercial loan capital source, the investor has received confirmation letters from 4 Japanese banks, but the financing decision depends on whether the investor meets the conditions of foreign banks.