PRESS: Power Machines’ proj in Vietnam faces troubles on sanctions

MOSCOW, Oct 22 (PRIME) -- Russian power engineering company Power Machines has asked Deputy Prime Minister Maxim Akimov that the Russian-Vietnamese intergovernmental commission should reconsider the terms of construction of the Long Phu 1 thermal power plant in Vietnam, Kommersant business daily reported on Monday citing sources.

Power Machines of businessman Alexei Mordashov said that the U.S. sanctions imposed against the company in January have forced over 15 large contractors including the U.S.’ GE to leave the project which may lengthen the implementation timeline and raise costs.

A representative of Akimov said that the commission’s meeting is planned for late October, but declined to disclose the agenda.

Power Machines declined to comment on the situation.

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