Ba Ria Thermal Power Company

active

Ba Ria Thermal Power Company sold shares at Hanoi Securities Trading Center on March 15, 2007. The total volume of shares was 12.1 million with the initial price of $0.97 (VND15,570) per share. The company raised about $12 million (VND190 billion) from the share sale. The company had a registered capital of $37.3 million (VND605 billion). Ba Ria Thermal Power Company was located in Ba Ria-Vung Tau province, 90 km away from Ho Chi Minh City. In 1995, the state-owned Electricity of Vietnam acquired Ba Ria gas-fired thermal plant from the Power Company 2. Since May 1995 Ba Ria power plant has been receiving offshore natural gas for electricity generation. Upon the plant’s expansion in 2004, the designed capacity was 388.9MW. The Ba Ria plant initially comprised two 22MW and six 38MW open-cycle gas turbines. The latter were converted to combined-cycle operation in two stages with the World Bank providing funding support. The first stage of the conversion process involved the addition of a 57MW steam turbine to three of the 38MW gas turbines by a consortium including the Netherlands NEM, Germany's Siemens and Japan's Mitsui & Co. The second stage of the combined-cycle conversion project entered operation in June 2002 through the addition of a 56MW steam turbine to the three remaining 38MW gas turbines. The project was undertaken by a South Korean consortium including Kepco, Hyundai, Doosan and LG. Electricity of Vietnam partially divested from Ba Ria thermal plant as part of the national privatization program that required state-owned power companies to sell at least 20% to minority shareholders. The Ba Ria plant has been operational since 1992 initially with two gas turbines and total installed capacity of 46.8MW. As of 2007, the plant had a total installed capacity of 388.9MW.