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The Hong Kong-based energy company VPower has stopped four of its five power
projects in Myanmar, including one in Kyauk Phyu of Rakhine State, said it’s
2023 interim report.
Among those projects, VPower had halted the Thanlyin, Thakata and Kyauk Phyu
projects between July and October last year.
According to BETV business reports, there is only one power project in Myint
Kran that is generating electricity (109.7 megawatts).
However the company report asserts that operations were only suspended
due to the contracts got expired
Myanmar’s domestic economic situation seems to have stabilized
in the second half of 2023. But the decline in foreign reserves
and devaluation of Kyats remain the biggest difficulties in developing
foreign businesses.
During first six months of the year, VPower ‘s IBO operations had posted a loss of HK$458.3 million.
According to the report, the primary reason for this loss was because of the
Myanmar projects.
Moreover, the CNTIC VPower energy ship, which provided liquid LNG for Yangon’s
750 megawatts power plant, also left the country at the end of March.
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