Myanmar approves $2.5bn gas power project
Myanmar's military junta has approved a gas-fired power plant project that will cost $2.5bn, the country's Directorate of Investment and Company Administration (DICA) said on May 7. This is part of the $2.8bn worth of projects that the junta, which seized power in February, has sanctioned.
The electricity generated by the power plant will be sold domestically, DICA said. It did not disclose which company will be setting up the power plant.
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The country's first gas-fired power plant came online in June last year. The plant is operated by CNTIC VPower – an equal joint venture between China National Technical Import Export Corp and VPower Group. There are a number of other companies planning to develop gas-fired power projects in Myanmar.
Bangkok-listed TTCL Public Co signed a power purchase agreement earlier this year with Myanmar state-run Electric Power Generation Enterprise for the 388-MW gas to power project in the Yangon region. TTCL is developing the project along with Japan’s Sojitz Corp, Shikoku Electric Power Co, and Inpex Corp. It is due online in 2024. Another Thai firm, PTTEP in December 2020 secured the right from the government to develop a $2bn gas-to-power project in the country.
Japan’s Marubeni Corporation, with Sumitomo Corporation, Mitsui, and Eden Group, has also been granted permission to develop a gas-fired power plant in the Thilawa region of Myanmar.