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Cancellation of MOU for Nepal Hydropower Project
Cancellation of MOU for Nepal Hydropower Project will not affect current year's performance: CGGC
Source:Global Times Published: 2017/11/19 15:08:39
China Gezhouba Group Corp (CGGC), the main builder of the Three Gorges project, said that the cancellation of a memorandum of understanding (MOU) for the Budhigandaki Hydroelectric Project in Nepal will not affect the completion of the current year's performance in the latest notice published on Saturday.
Nepal's Ministry of Energy notified CGGC that the Nepali government's resolutions and decisions on the MOU for joint construction of the 1,200-megawatt Budhigandaki hydropower station will be terminated on Thursday, according to the notice.
This is a unilateral cancellation, the notice said.
The MOU is an intentional agreement. The project budget mentioned is not included in the total amount of newly signed contracts disclosed by CGGC. The cancellation of the memorandum will not adversely affect the CGGC's newly signed contract and operation in the current year, the notice noted.
The MOU was signed to develop the project under an engineering, procurement, construction and finance (EPCF) model after Nepal's cabinet decided to award the contract to develop the project with the Chinese company on May 23. With a total investment of about $2.4 billion, the station is considered a key project in solving Nepal's long-term shortage of electricity, according to Xinhua News Agency on June 4.
http://www.globaltimes.cn/content/1075978.shtml
Nepal cancellation ‘won’t affect performance of Gezhouba’ in current year
Source:Global Times Published: 2017/11/19 21:23:40
China Gezhouba Group Corp (CGGC), the main builder of China's Three Gorges project, said the cancellation of a memorandum of understanding (MOU) for the Budhigandaki Hydroelectric Project in Nepal will not affect the current year's performance.
The comment was a response to news that Nepal's Ministry of Energy had notified CGGC it would terminate joint construction of the 1,200-megawatt Budhigandaki hydropower station.
Nepal made a unilateral decision, the Chinese company said in a notice to the Shanghai Stock Exchange on Saturday.
The project budget mentioned was not included in the total amount of new contracts disclosed by CGGC, and the cancellation of the MOU will not adversely affect CGGC's new projects in the current fiscal year, it said.
Central State-owned enterprises must shoulder national strategic tasks and also consider economic benefits while carrying out the Belt and Road initiative, Wang Jiang, director of the Beijing-based Central SOEs Think-tank Alliance, told the Global Times on Sunday.
"The most important thing is to achieve mutual benefit and win-win situations," Wang noted.
The Xinhua News Agency reported in June that the amount of the project under the Nepal MOU was about $2.4 billion, and the station was to be a key project in solving Nepal's long-term shortage of electricity.
http://www.globaltimes.cn/content/1076042.shtml
