Prime Minister Nguyen Xuan Phuc has recently assigned the Ministry of Industry and Trade (MoIT) to add a liquefied natural gas (LNG) power project developed by a consortium led by Energy Capital Vietnam to the National Power Development Plan of Vietnam.
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According to an official announcement from the Government Office dated August 13, the prime minister issued a directive to add ECV's Mui Ke Ga LNG project (MKG) to the National Power Development Plan 2021-2030 following a meeting Binh Thuan leaders on July 23. The MoIT is charged with submitting the updated plan to the PM in October 2020.
ECV's LNG project will include the development of a multi-phase gas-fired power complex and Floating Storage Regasification Unit (FSRU) terminal near Mui Ke Ga in the central province of Binh Thuan.
ECV, a leading Vietnam-focused project development and asset management company, was established as a platform for private investment into Vietnam. The company has been in discussions with the Vietnamese government regarding energy sector investment and privatisation opportunities to help address its critical energy security needs since 2015.
Phase I of the MKG project is targeting to get Final Investment Decision (FID) in late 2021 with Commercial Operation Date (COD) in 2025, and will consume approximately 1.5 million tonnes per annum with the ability to increase to 7 million tonnes over time.
"Our multi-year relationship with the Vietnamese government has positioned ECV to pioneer private sector development of the LNG market in Vietnam," said David Lewis, ECV chairman and CEO. "The World Bank projects Vietnam to require up to 90,000MW of new power generation over the next decade, and we look forward to working with our talented American, European, and Asian partners to address those needs in the years to come."