Japan's TEPCO withdraws from Vietnam nuclear project

TEPCO has pulled back from the nuclear power plant project in Vietnam to focus on overhauling its Fukushima nuclear power plant.

Pham Minh Tuan, head of the nuclear power department under the Electricity Group of Vietnam, confirmed the news and assured that it will not affect the project's progress.

TEPCO is only one of the businesses in the joint venture with the Japan International Nuclear Energy Development Company.

“Neither TEPCO nor JINED has been chosen as the official nuclear power technology supplier for Vietnam,” said Tuan. “The withdrawal of TEPCO does not affect the project progress.”

The joint-venture was assigned by the Japanese government to work with the Vietnamese side to promote the construction of the Nuclear Power Plant 2 in the coastal province of Ninh Thuan.

In July 2011, TEPCO also withdrew from a planned nuclear power plant project in Turkey for a similar reason.

“We plan to withdraw from operations except for those that are essential to the power business,” said a TEPCO spokesman.

The shortfall came from the massive costs it had to spend to deal with reactor meltdowns, increased imports of fossil fuels, the projected compensation payouts to those affected by the Fukushima disaster.

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