Sumitomo proposes $3.8 bln for Vietnam power plant
UB.News - Japan's Sumitomo Corp. has proposed investing $3.8 billion in a coal-fired power plant in Vietnam's south-central province of Khanh Hoa to meet soaring demand from industrial users there, state media said Monday.
The plant, which has a design capacity of 2,640 megawatts, would be completed by 2014 and use coal imported from Indonesia and Australia, the Dau Tu (Investment) newspaper reported, citing a business proposal submitted by Sumitomo.
Last week the government ordered the Ministry of Industry to work with Sumitomo Corp. to plan the project, which will be located in Van Phong Bay, near Khanh Hoa's tourist hub Nha Trang, the government said on its Web site (www.chinhphu.vn).
Hanoi plans to develop Van Phong Bay into a key international transhipment and container port to accommodate the country's fast-growing exports.
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