Myanmar, S Korean firms launch gas-fired power plant

The Myanmar electric power authorities and five South Korean companies have launched a 500- megawatt (mw) gas-fired combined cycle power plant project in Yangon's Thakayta township, official media reported Sunday. The five S. Korean companies are Busan Korea Biotechnology Co, Korea Western Power Co, Hyundai Engineering and Construction Co, Hana Daetoo Securities Co and Hexa International Co.. The project, launched on Saturday, is aimed at supplying electric power to Myanmar's Thilawa industrial zone, one of the special economic zones in Myanmar, Yangon Region Chief Minister U Myint Swe was quoted as saying. In September, three Japanese industrial and economic groups have reached agreement with the Myanmar government to establish the Thilawa special economic zone (SEZ) in Yangon's Thilawa Port. Under the agreement, Japan's Mitsuibishi Corporation, Marubeni Corporation and Sumitomo Corporation will obtain 49 percent share to run the 2,400-hectare Thilawa SEZ, while Myanmar entrepreneurs in the form of public company, will take 51 percent. The Japanese side will provide financial assistance to the SEZ' s infrastructural development such as factories and workshops and one natural gas-fired power plant. In addition to foreign investors, Myanmar government has also invited domestic entrepreneurs to take part in the project through shares. Thilawa SEZ project lies between Thanlyin and Kyauktan townships in Yangon region, which is next to the Dawei Special Economic Zone project in southern Taninthayi region. The government had designed to enable Myanmar nationals to be able to establish a public company in partnership with foreign companies on joint-venture basis for the project. The government also invited other foreign investors from South Korea, China, Singapore, Thailand and Malaysia to engage in the Thilawa SEZ project.