Hong Kong company invests US$172 M to build a power station in Kyaukphyu

NAYPYITAW (Eleven Media Group/ANN) - A US$172 million gas-fired and thermal energy power station in Kyaukphyu will be built by  CNTIC VPower KY3 Limited from Hong Kong to generate and sell electricity.

CNTIC VPower KY3 Limited from Hong Kong is planning to build a US$172 million gas-fired and thermal energy power station in Kyaukphyu to generate and sell electricity, according to Directorate of Investment and Companies Administration (DICA).

It can generate 658.8 million kilowatts hour. The electricity generated from the power station will be provided locally. About 20 per cent of the electricity generated from the power station will be distributed in Rakhine State and the rest will be supplied to national grid.

Myanmar Investment Commission (MIC) allowed four proposed foreign investments and 17 confirmed investments worth US$310.451 million and they can provide job opportunities for 10,102 locals.

The MIC approved US$1546.94 million of foreign investments and Ks716.451 billion including US$128.4 million of local investments from October 1 to January 10 in 2019-20 FY, said Thant Sin Lwin, Secretary of the MIC and Director General of the DICA.

He said respective ministries are scrutinizing to grant investments in mining sector in 2020.

“The investment in mining sector is big and Ministry of Electricity and Energy is promoting electricity sector. I think the investment will come after that. Investments will be flowed into housing and construction sectors normally,” he said.

According to the DCA, more than US$2.904 billion are invested in mining sector till at the end of November, 2019.

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