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Myanmar, Chinese Company Sign Power
- Subject: Myanmar, Chinese Company Sign Power
- From: suriya@xxxxxxxxxxxx
- Date: Wed, 11 Nov 1998 05:47:00
Subject: Myanmar, Chinese Company Sign Power Project Contract
Asia:Myanmar
Myanmar, Chinese Company Sign
Power Project Contract
Xinhua
11-NOV-98
YANGON (Nov. 11) XINHUA - The Myanmar electric power
authorities and
a Chinese Yunnan company reached one more contract here
Wednesday on the
implementation of the Paunglaung Hydroelectric Power Project
in Pyinmana,
central Mandalay division of the country.
The signing ceremony of the second volume contract between
the state-run
Myanmar Electric Power Enterprise (MEPE) and the Yunnan
Machinery and
Equipment Import and Export Corporation (YMEC) of China was
attended by
Minister of Electric Power Major-General Tin Htut and
Economic and
Commercial Counsellor of the Chinese Embassy Lin Jian.
Representing their respective parties, Director-General of
the MEPE U Yang
Naing and President of the YMEC Lin Zai You signed the
contract.
According to the 10 million U.S. dollar contract, the YMEC
is to provide
machinery and equipment and spare parts for construction of
the underground
factory.
The Chinese side will extend seller's credit, while the
Myanmar side is to make
advance payment of 5 percent. The term of repayment is 5
years with a grace
period of 2 years.
The first volume contract of the project, which is worth 160
million dollars, was
signed here in early last month, according to which the YMEC
is to provide the
complete set of machinery and equipment, design underground
factory and
direct work implementation.
The Paunglaung hydroelectric power station, with an
installed capacity of 280
megawatts accounting for 28 percent of Myanmar's existing
installed capacity,
will mainly generate electricity and will also possess
agricultural irrigation
capacity.
Since 1989, the YMEC has been cooperating with Myanmar in
building
hydroelectric power stations and has exported to the country
complete sets of
related equipment for 17 small and medium stations of its
kind, accounting for
94.4 percent of the country's hydroelectric power projects.
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