Foreign contractors will be eligible for bidding for the $2 billion Quang Ninh liquefied natural gas (LNG) power project, according to the bidding rules set by the province's Department of Planning and Investment.
|Quang Ninh will open up its $2 billion LNG project for foreign investors |
Covering an area of 56 hectares, including 13.38ha offshore, in Cam Pha city, the Quang Ninh LNG power project will include a power plant with the capacity of 1,500MW, gas storage, and an LNG port with an annual capacity of 2.4 million tonnes, as well as relevant infrastructure.
At present, land clearance has yet to be implemented. The investor will be allowed to operate the project for 50 years after receiving the land.
By the end of the first quarter of 2022, the investors will complete the investment procedures. The construction is expected to be implemented from the second quarter of 2022 to the second quarter of 2027. The project will be taken into operation in the third quarter of 2027.
In October 2020, the prime minister approved adding the Quang Ninh LNG power project to the Adjusted National Power Development Planning in 2011-2020 with an outlook up to 2030.
In the same month, the consortium of investors including PetroVietnam Power Corporation (PV Power), Vietnam Mechanical and Machine Assembly JSC (Colavi), Tokyo Gas Group, and Marubeni Group signed an MOU on the project.
Once completed, the project will contribute to dealing with the lack of power in the northern region. According to the calculations of the Ministry of Industry and Trade,in 2021-2023, power supply in the north would fall 6,000MW short of demand as no new supply will come to the market, with only the 440MW Cam Pha 3 and the 600MW Haiphong 3 thermal power plants expected to come into operation after 2029.