US firm to develop LNG-to-power project in Vietnam
The incorporated project is scheduled to come operational in 2023.
Houston-based Liquefied Natural Gas Limited (LNG Limited) and Hanoi-based Delta Offshore Energy (DeltaOE) said on Monday [September 16] they had signed a deal to develop a liquefied natural gas (LNG)-to-power project in Vietnam which will use LNG from a Louisiana-based project.
Map of Vietnam's LNG import projects. Photo: Gas Master Plan
|
The complex project in Vietnam includes an LNG import terminal and a 3,200-megawatt combined-cycle power plant to be located in the coastal province of Bac Lieu, where LNG Limited will supply gas and DeltaOE will generate electricity and sell it, LNG Limited has said on its website.
The integrated project is expected to commence operations in 2023 pending finalization of anticipated government approvals.
LNG Limited will deliver two million tons of LNG per year from its Magnolia project to Delta OE for a 20-year term and possible extension while DeltaOE deliver gas to the power plant, generate electricity, and sell its output to the province pursuant to a power purchase agreement (PPA).
“This agreement is a major achievement for the Magnolia LNG project as we progress our global commercial and marketing push toward a final investment decision,” Greg Vesey, managing director and chief executive officer of LNG Limited, said in a joint statement.
He added that the agreement represents a significant advancement of their long relationships with DeltaOE, the province, and Vietnamese leadership, including their earlier hosting of the province leadership and DeltaOE at the Magnolia site.
Meanwhile, Engineering Managing Director for DeltaOE Bobby Quintos said “Delta Offshore Energy’s Bac Lieu project addresses Vietnam’s need for an LNG import terminal to provide access to growing the LNG industry as a feedstock for electricity generation.”
The alliance with LNG Limited will allow the government of Vietnam to have a stronger relationship with the US market and the long-term stability of the Henry Hub Index, which fits perfectly with the Vietnamese National Power Development Plan, he noted.
20:31, 2024/04/24
IT training urged to focus on semiconductors
With an abundant labor supply and a skilled workforce, human resources are Vietnam's greatest and most prominent advantage over other countries.
18:27, 2024/04/21
Hanoi Great Souvenir Fair 2024 to take place next week
Thousands of local and international tourists and business visitors will be in attendance.
18:24, 2024/04/21
As orders rise, Vietnamese textile firms see better prospects in 2024
In the face of unpredictable volatility, Vietnam's companies are investing in technology, innovation and production to meet the targets they have set themselves, whilst keeping a close eye on market trends.
17:38, 2024/04/21
C.bank to auction nearly 17,000 gold taels on April 22
The return of gold auctioning after more than 10 years is expected to bring gold prices closer to the global levels.
11:10, 2024/04/19
Trade ministry proposes purchasing renewable electricity mechanisms without EVN’s involvement
The draft decree stipulates that buyers must be organizations or individuals using electricity for production from a voltage level of 22 kV or higher, with an average monthly consumption of 500,000 kWh.
22:00, 2024/04/18
Australia and Vietnam develop competitive electricity markets
Climate change, energy, and environment are pillars of Australian Comprehensive Strategic Partnership with Vietnam.
- Vietnam, Thailand advance realization of “Three Connections” strategy
- Vietnamese Gov’t to expand list of electricity buyers under direct power agreement scheme
- Viettel opens largest data center in Vietnam to support AI development
- Vietnam’s economy expected to grow at solid pace in 2024-2025: ADB
- Apartment prices in Hanoi are closing in on those in Ho Chi Minh City
- Coffee exports reach record $5 billion