The $4 billion gas-to-power project invested by Energy Capital Vietnam (ECV) LLC will lengthen the list of gas-to-power projects in Vietnam.
|Energy Capital Vietnam (ECV) LLC to develop $4billion gas-to-power project in Bac Lieu |
According to the latest developments, representatives of ECV and leaders of the Bac Lieu People’s Committee signed a memorandum of understanding (MoU) to develop a liquefied natural gas exploitation project and a gas-to-power plant in the province, according to local media.
The gas-to-power project will cover an area of 100 hectares with the capacity of 3,200 megawatts. The construction of the project will be divided into three phases. The first phase with the capacity of 1,000MW will be kicked off this year and completed at the end of 2021. The second, with the capacity of 1,000MW will finish at the end of 2024 and the third phase will come into operation in 2027.
ECV is a Vietnam-focused project development and asset management company. It originates proprietary deal flow within Vietnam and matches it with best-in-class US operational expertise to form project specific vehicles available for foreign direct investment.
Along with ECV, numerous foreign investors have taken new steps in developing gas-to-power projects. They are ExxonMobile from the US, Sembcorp from Singapore and Grazprom from Russia.
Most recently, on April 26, Sembcorp Industries (Sembcorp)’ subsidiary Sembcorp Utilities and leaders of the Quang Ngai People’s Committee signed a MoU to develop a 750MW gas-to-power project, bringing the project closer to implementation.
The signing ceremony occurred in the framework of the Vietnam-Singapore Business Forum 2018, which was organised in Singapore on April 26 during Prime Minister Nguyen Xuan Phuc's official visit.
This move followed the signing of an MOU between Sembcorp and the Ministry of Industry and Trade (MoIT) in March 2017 to develop this gas-to-power project under a 20-year build-operate-transfer arrangement.
To date, Sembcorp has completed the feasibility study and submitted it to MoIT earlier this year for further review and evaluation.