Hong Kong Companies Are Beginning To Leave Myanmar

VPower, a Hong Kong-listed power company, has withdrawn from two projects in Myanmar.
The company, which owns 9 power plants across Myanmar, said it won’t renew the contracts for power plants in Kyaukphyu Township, Rakhine State, and Myingyan Township, Mandalay Region.
The contracts for each project expired in March and June, and each project can produce 200 megawatts. The company said the decision came after it faced difficult times since February, amid post-coup turmoil.
He said the ministry was still discussing details with the company, according to U Soe Myint, the Electricity and Energy Ministry’s Deputy Permanent Secretary.
Myanmar’s consumers withheld payments to the junta, including taxes and utility bills, as part of the wider civil disobedience movement.
In 2019, the ousted National League for Democracy government invited bids to address the power shortage during Myanmar’s hot season when hydropower plants cannot run at full capacity. Myanmar’s main energy source is hydropower.
China National Technical Import and Export Corporation (CNTIC) and VPower won three projects worth US$800 million with a combined capacity of 900 megawatts.
They include the 150-megawatt plant built near the Kyaukphyu deep-sea port project, which is a crucial part of China’s Belt and Road Initiative, and the 400-megawatt gas-powered plant in Thaketa and 350-megawatt power plant in Thanlyin, which are both in Yangon.

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