Foreign firms keen on Vietnam’s LNG market

March 22, 2024 | 14:46

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Discussions concerning investment in liquefied natural gas (LNG) projects in Vietnam took place on March 20 during a meeting between Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Russia's largest LNG producer, Novatek Group.

Foreign companies are keen on Vietnam’s LNG market

Novatek is behind an integrated power plant project in Ca Na, Ninh Thuan province. The 1.5GW project is being developed by a consortium of investors including Total Gas & Power Business Services S.A.S, Siemens Aktiengesellschaftm JSC, Zarubezhneft, and Novatek.

E.N. Golm, director of Business Development at Novatek, said, "Besides the Ca Na project, we are paying special attention to the overall LNG industry in Vietnam."

Ninh Thuan People’s Committee has issued a decision recognising the consortium of investors qualified for the implementation of the Ca Na LNG Power Centre project phase 1.

Tan has urged Novatek to accelerate the project's implementation.

Other recent developments in the sector include an announcement from Tokyo Gas Co., Ltd. in January on the establishment of Thai Binh LNG Power JSC for the development of a new project in Thai Binh province in collaboration with Truong Thanh Vietnam Group and Japan's Kyuden International Corporation.

The project includes an offshore terminal and a 1.5GW natural gas-fired power plant. It will have a capacity of 1,500MW and a total investment believed to be around $2 billion.

Likewise, Singapore-based Atlantic, Gulf and Pacific LNG (AG&P), a subsidiary of US investment and development firm Nebula Energy, has acquired a 49 per cent stake in Cai Mep LNG Terminal located in Ba Ria-Vung Tau province.

According to Power Development Plan VIII, Vietnam is aiming to build 13 additional LNG power plants by 2030 with a total capacity of 22,400MW and two plants with capacity of 3,000MW by 2035. To date, the 13 power plants have approval in principle, with five currently under construction and four with investors.

Thai Binh to host $2 billion LNG project

The Thai Binh liquefied natural gas (LNG) project is located in Thai Binh Economic Zone, and will have a designed capacity of 1500MW. The investment consortium behind the project is responsible for nearly $2 billion in funding and consists of Tokyo Gas, Kyuden, and Truong Thanh Vietnam Group.

A new chapter for Vietnam’s energy transition journey

Karthik Sathyamoorthy, CEO of AG&P LNG, a subsidiary of US investment and development firm Nebula Energy, and Sam Abdalla, CEO of Nebula Energy and vice president of AG&P LNG, discussed with Minh Huong development plans for Cai Mep LNG terminal and efforts to expedite the presence of liquefied natural gas (LNG) in the Vietnamese market.

Russian enterprise eyes Vietnam's energy market

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan met with leaders of Russia's Novatek Group yesterday to discuss potential investments in liquefied natural gas (LNG) projects in Vietnam.

By Thanh Van

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