Construction of $2 billion Quang Ninh LNG plant kicked off
18:00 | 25/10/2021 Print Article
The joint venture of PV Power, Colavi, Tokyo Gas, and Marubeni has launched the construction of the $2 billion Quang Ninh liquefied natural gas (LNG) power project on October 24.
|The ground-breaking ceremony of Quang Ninh LNG power project |
Covering an area of 56 hectares, including 13.38ha offshore, in Cam Pha city, the Quang Ninh LNG power project will include a 1,500MW power plant, gas storage, and an LNG port with an annual capacity of 2.4 million tonnes, as well as relevant infrastructure.
Around 1.1 million tonnes of LNG materials will be imported from Australia, Qatar, Russia, and the US to support the plant's operation.
The investor plans to complete investment procedures by the end of the first quarter of 2022 to implement the construction from the Q2/2022 until Q2/2027. The project will be taken into operation in Q3/2027.
The government approved adding this LNG power project into the Power Development Plan VII last October.
The joint venture overcame several strict requirements for investors, for example, including not requiring guarantees on power purchase agreement (PPA). In addition, in case the investors miss the Q3/2027 deadline, the project will be revoked without compensation, except where the law prescribes it.