Market Chatter: PowerChina Unit Sues Laos Utility Firm for $555 Million Over Unpaid Bills

MT Newswires Live03-06

Power Construction Corp. of China (SHA:601669) unit Nam Ou Power filed a lawsuit against Electricite du Laos in Singapore for unpaid dues of up to $555 million for a hydropower project operated by the unit, Reuters reported Wednesday, citing an arbitration filing.

Nam Ou Power operates the $2.73 billion Nam Ou River cascade hydropower project with a capacity of 1.27 gigawatts from its seven cascades of river in Laos, the report said.

Electricite du Laos has yet to respond to the case, the report said, citing a source familiar with the suit.

The case is the first arbitration filed by a Chinese state-run entity against a Laotian government-run company, Reuters said, citing the source.

Laos has spent heavily in hydropower, with majority of the investment coming from China, in a bid to become "the battery of Southeast Asia," the report said.

The amount is equivalent to about 4% of Laos' gross domestic product, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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