EVN owes PetroVietnam 5tr dong

Vietnam Electricity Group (EVN) still owes PetroVietnam Group five trillion dong cost for electricity purchase, which has caused many difficulties for the national power group, the PetroVietnam chairman Dinh La Thang stated at a press meeting on April 6.

“Our company is very difficult because of not yet collecting money. But we also sympathize with EVN amid the current context when EVN is suffering losses due to selling electricity at below production cost price. We much need to collect money but we halted electricity production which was not for the reason that EVN has not yet paid”, he noted.

To tackle these difficulties because of EVN’s debts, Dinh La Thang said, PVN’s leaders could finance its affiliate PetroVietnam Power Corp—who sells electricity to EVN without payment—and PetroVietnam Gas Corp.

At the press meeting, Phung Dinh Thuc, General Director of PVN was quoted as saying that the group inspected all projects being conducted or to be conducted to cut, extend or delay some works with a total capital of over 6 trillion dong.

As for urgent power projects, we will have to speed up construction progress and not extend or delay any project, he confirmed.

In the first quarter of 2011, total revenues of PVN reached more than 151 trillion dong, a year on year jump of 59.4%, contributed 36.5 trillion dong to the state budget, up 35% against one year earlier.

Separately, the earnings in foreign currencies, according to Dinh La Thang, gained $2.7 billion which has been sold to banks in line with current regulations. – Vietbiz24

Tags: EVN, PetroVietnam