Wednesday, 26 February 2014

Singapore-based UOB provides financial assistance for power plant in Myanmar

Singapore-based United Overseas Bank (UOB) provided financial assistance to build a combined-cycle gas-fired power plant in Mon state of Myanmar, local media reported Tuesday.

A financing agreement was signed between UOB and Singapore company Asiatech Energy which has received permission to build 230- megawatt power plant in Mon state, on Monday, said the 7Day News.

Once it is fully completed at the end of 2015, the power plant will distribute enough electricity for nearly 5 million people in the country.

Only about a quarter of country's population of 60 million people have access to electricity, the report said, quoting the Asian Development Bank.

Foreign investment in Myanmar's power sector had reached $19.284 billion in 7 projects as of the end of December 2013, accounting for 43.56 percent and standing first in the country's foreign investment by sector.

source: Global Times
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