Italian-Thai to conclude financing for Dawei at end 2012

BANGKOK, April 27 | Fri Apr 27, 2012 5:15am EDT ....

(Reuters) - Thailand's largest construction firm, Italian-Thai Development Pcl expects to conclude its long-term financial plan for the Dawei deep-sea port project in Myanmar by the end of this year, President Premchai Karnasuta said on Friday.

Italian-Thai, which received a concession to develop the Dawei project, also planned to sign a deal in the next 2-3 months to sell land for a steel plant at Dawei, Premchai told shareholders at a meeting.

The company said in January it was seeking $8.5 billion to finance infrastructure and utilities under the first phase of the Dewei project.

But there are doubts about the future of the project after
the Myanmar government abruptly halted construction of a 4,000 megawatt coal-fired power plant and said it has no plans to export electricity from there. (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Ramya Venugopal)

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