PTBA to develop power plant project in Myanmar
Friday, March 28 2014 - 02:30 AM WIB
IDX-listed coal mining firm PT Bukit Asam Tbk (PTBA) is scheduled to sign an MoU with the government of Myanmar in April for the development of a coal-fired power plant in that country.
"After the MoU has been signed, we'll proceed with a details feasibility study. After the FS is completed, we'll sign the power purchase agreement with the government of Myanmar, which is planned to be realized this year," PTBA President Director Milawarma said following the company's shareholders meeting on Thursday.
He added that PTBA is teaming up with a local Myanmar company in the power plant development project, but declined to disclose the name of the company.
The 600 MW coal-fired power plant will be developed in two stages, with the first stage to develop a 2x100 MW plant, and 2x200 MW in the second stage.
PTBA is also currently looking for similar opportunity in Vietnam, Milawarma said. "In the first stage, we plan to develop a 2x110 MW-capacity plant, and in the second stage 2x200 MW. Our team has flown there (to Vietnam) to explore for the opportunity," he said, while adding that the planned investment for the power plant project in Vietnam is about US$250-350 million.
PTBA started last year exporting coal to Vietnam at a volume of 600,000 tons, or about 2 percent of the company's coal sales volume. The coal shipped to Vietnam will be used to fuel the planned power plant.
"But we're open to the possibility of acquiring coal concession there (in Vietnam) if it's cheaper than shipping the coal from Indonesia," said PTBA Corporate Secretary Joko Pramono.
Editing by Reiner Simanjuntak