ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Jun 16, 2020 13:24 JST
Source:
VPower Group International Holdings Ltd
VPower Group's Joint Venture Starts Powering Myanmar with LNG
Opening Up New Fuel Source for the Country
HONG KONG, Jun 16, 2020 - (ACN Newswire) - VPower Group International Holdings Limited ("VPower Group" or the "Group", stock code: 1608.HK) has successfully expanded its footprint into the liquified natural gas (LNG)- to-power industry through a partnership with China National Technical Import and Export Corporation ("CNTIC"). On 14 June 2020, the power station in Thaketa Township of Yangon, Myanmar built by the 50-50 joint venture of VPower Group and CNTIC ("CNTIC VPower") started generating electricity with LNG. This is the first time LNG being used as the fuel source in power generation in Myanmar.
The power station in Thaketa Township of Yangon has started generating electricity for the people of Myanmar.
CNTIC VPower imports LNG to Myanmar.
The power station, with an installed capacity of 477.1 MW, was built on a fast-track basis for one of the Myanmar Government's shortlisted critical projects to boost power supply for summer 2020. The project was awarded to the consortium of VPower Group and CNTIC in late 2019 through a public tender. In addition to the efficient and flexible engine-based power generation technology, CNTIC VPower offers a one-stop LNG solution integrating LNG import, logistics, storage and regassification to the country. The LNG infrastructure is located in Thanlyin of Yangon.
After the power purchase agreement was signed by a project company of CNTIC VPower, the power station has commenced operation in phases starting from 14 June 2020. Electricity generated by this power station will be transmitted to support the nationwide electricity demand, in particular that in Yangon Region, via the national grid.
"This is a milestone for the people of Myanmar and we are proud to be a pioneer of the monumental achievement. This has been a project impossible to many, and executed under the most extraordinary circumstances. We thank all of our suppliers, engineers, consultants, project and commercial teams and numerous government authorities who have given us their unwavering support, dedication and faith that have contributed to our success." said Mr. Earnest Cheung, Chief Executive Officer of CNTIC VPower, "Access to LNG will help the country meet its growing electricity demand and broaden its energy mix whilst allowing a more environmental friendly and sustainable generation for the future."
On top of this project, CNTIC VPower is going to deliver more electricity to the country with another two power projects which were also awarded to the consortium in the same public tender.
"VPower Group has developed a strong position in the gas-fired distributed power generation industry in Asia, and it has been actively working on delivering more low carbon and sustainable energy as a responsible global citizen. The success of this LNG-to-power project has turned the development of VPower Group to a new page as it demonstrates our capability to provide the cleanest fossil fuel available for power generation with operational flexibility and agility. We are extremely pleased to join hands with our strategic partner CNTIC on the project and look forward to further deepening our cooperation." Added Mr. Ambrose Lee, Chief Strategy Officer and Head of Capital Markets and Corporate Finance of VPower Group.
About VPower Group International Holdings Limited
Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.
Source: VPower Group International Holdings Ltd
Sectors: Daily Finance, Energy, Alternatives, Daily News
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST
Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST
All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST
Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST
Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST
Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST
New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST
Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST
MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST
More Latest Release >>
Related Release
VPower Group Signs Strategic Cooperation Agreement with Fuyao Group
October 20 2021 18:59 JST
VPower Group Announces Positive Profit Alert, Net Profit Expects to Grow Significantly by over 70%
January 25 2021 08:50 JST
HKIRA's first virtual IR Annual Symposium concludes with positive response
January 11 2021 20:35 JST
BOC International Initiates Coverage on VPower Group with "BUY" Rating
August 03 2020 13:30 JST
CMB International Securities Maintains High Conviction "BUY" Rating on VPower Group
July 29 2020 14:18 JST
VPower Group Begins Operation of 38.8MW Power Stations in Sri Lanka
July 06 2020 18:40 JST
VPower Group's 2019 net profit Increases by 33% to HK$283.6 Million
March 31 2020 10:46 JST
VPower Group Becomes a Distributor of Rolls-Royce Power Systems' MTU Solutions in China
March 30 2020 12:13 JST
VPower Group Signs New Contract Aggregating a Total Installed Capacity of Close to 100MW in Sri Lanka
February 24 2020 09:05 JST
VPower Group partners CNTIC to boost 900MW Generation Capacity in Myanmar
February 10 2020 17:13 JST
More Press release >>