Vietnam's Petrovietnam Seeks Financing Solutions for Ninh Thuan 2 Nuclear Project
Petrovietnam, Vietnam's state-owned energy enterprise, is facing challenges in financing the Ninh Thuan 2 nuclear project. The project, along with Ninh Thuan 1, aims to contribute to Vietnam's nuclear energy target of 6,000MW by 2030.
Petrovietnam is exploring special policy mechanisms to overcome financing hurdles for the Ninh Thuan 2 project, estimated to cost over US$10 billion. Proposed solutions include a national nuclear power development fund, government guarantees, and long-term power purchase agreements.
The National Assembly is set to review Ninh Thuan 1 in late 2025 and Ninh Thuan 2 by mid-2026. After parliamentary approval, the State Appraisal Council will conduct a final review before the Prime Minister gives the green light in 2026.
Petrovietnam's lack of experience in nuclear energy is a hurdle. The enterprise is working to build expertise but is also urged to find suitable foreign partners promptly.
The Ninh Thuan 1 and 2 nuclear power projects are expected to resume, targeting operation between 2030 and 2035. Despite challenges, Vietnam is committed to developing nuclear energy, with the National Assembly playing a crucial role in project approval.
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