Wednesday, December 7, 2011

Toyo Ink gets nod to start R&D for Vietnam thermo-power plant

KUALA LUMPUR (Dec 7): TOYO INK GROUP BHD [] has been given the nod to commence research and development of the proposed US$2.5 billion Song Hau 2 Thermo Power Plant in Vietnam.

The company said on Wednesday that it had a letter from Vietnam's Ministry of Industry and Trade for it to start research and development of the plant with a capacity of 2 X 1000 MW at Song Hau Power Center, Hau Giang Province.

It said the ministry would provide it guidance in the setting of the investment project and implementation of the next steps of the project, as well as submission for approval as required by law.

Toyo Ink said the project would be undertaken as a joint venture, and that it would negotiate with a few parties to incorporate a joint venture company in Vietnam to undertake the project.

However, the identity of the joint venture partners and shareholdings of the proposed joint venture company have not been finalised yet, it said.

Toyo Ink said the project was expected to take between four and five years to complete with power coming on stream in 2017/2018.

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