Power Machines signs deal with Vietnam worth USD 83 million

Engine-maker Power Machines company Director Yevgeny Yakovlev and Vietnamese building corporation Lilama Corporation General Director Pham Hong signed a contract for the delivery of equipment for the thermal electric power station Wong Bi. The Power Machines press service told Rosbalt on June 26 that the contract is worth USD 83 million. The financing of the contract will come entirely from the budget of Vietnam.

Power Machines will provide the design, preparation, delivery, assembly and launching into exploitation of the complete set of equipment of engine and broiler rooms for the expansion of the Wong Bi thermal electric power station. The new energy block will have a capacity of 300 megawatts. The primary equipment which will be delivered to Wong Bi includes a steam turbine, which will be built at the Leningrad Metall Factory, a turbo-generator with a capacity of 320 megawatts which will be produced by the Elektrosila company and a steam boiler which will produce 920 tonnes of steam per hour and be produced by Taganrodsky boiler construction factory Krasny Kotelshchik and also auxillary equipment for the thermal electric power station.

The delivery of the equipment is for the expansion of the existing station with blocks of 55 megawatts constructed in cooperation with the former Soviet Union and successfully operating since 1965. Wong Bi is located 150 kilometers from Hanoi and is being called on to provide electric energy for industrial companies and the population of the Northern provinces of Vietnam. The official customer of the expansion project at Wong Bi is the Vietnam state energy corporation Electricity of Vietnam (EVN) . Corporation Lilama received the building contract, which conducted an international auction for the delivery of equipment for the project. Power Machines competitors included Alstom, Foster-Willer, Sumitomo and others. According to the terms of the contract, the new block of the thermal power station must be launched within 33 months after the signing of the contract.

Leningrad Metall Factory, Electrosila, and also the Kaluzhsky Turbine Factory and the Energomashexport company are subunits of Power Machines. The main stockholders in the company, representing the interests of holding Interros are Vladimir Potanin and his partners (94.27%) and also German Siemens (4.93%). The total sales of Power Machines in 2002 increased by 32% in comparison with 2001 and reached USD 331 million. Total profits grew by 67% and reached USD 39 million.

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