Millennium Energy Corporation will spend more than $27 billion to invest in a liquified natural gas (LNG) centre and terminal warehouse in the southern area of Van Phong Economic Zone in Khanh Hoa province.
|The two projects will pour more than $27 million of foreign capital to Khanh Hoa province |
According to the proposal of Millennium Energy, the investor will build an LNG plant with a capacity of 4,800MW, divided into two construction phases with an investment capital of $4.7 billion. The commercial operation of phase 1 is expected in 2027-2030 and phase 2 after 2030.
Besides, Millennium Energy proposed building a storage system with a total capacity of 17 million square metres for Van Phong LNG terminal warehouse. The total investment capital for this project is expected to reach $22.5 billion. The project aims to supply LNG for the project's plant and other domestic projects, and export LNG to countries in Asia.
These two projects are worth over $27 billion, funded entirely from foreign investment capital.
The corporation has requested Khanh Hoa People's Committee to submit the proposal to the prime minister for support. The two projects are proposed to be added to the Draft National Power Development Plan for 2021-2030 and the national energy master plan for 2021-2030 with a vision to 2050.
According to the provincial People's Committee, Millennium Energy has surveyed Van Phong EZ since July 2020. The corporation signed an MoU with the management board of this EZ to receive support for its survey, research, and make an investment dossier for the two projects on a land area of about 360ha.