CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
S.Korea’s KOGAS, US Energy Capital Vietnam to build 3,200-MW-LNG power plant in Vietnam
Ngoc Thuy 10:31, 2019/07/24
The move aims to meet the significant liquefied natural gas (LNG) demand growth forecast for Vietnam.
Korea Gas Corporation (KOGAS) and Energy Capital Vietnam (ECV) have entered into a Memorandum of Understanding (MOU) that provides the framework for the development of a privately-funded LNG regasification terminal, storage, gas supply system and 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan province, Vietnam. 
 
Illustrative photo.
Illustrative photo.
The MOU contemplates KOGAS and ECV working together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam. The scope of the MOU covers matters relating to cooperation and collaboration for the project.

Commenting on the MOU, David Lewis, CEO of ECV, said KOGAS' strong presence in the LNG business together with ECV's position as one of the first LNG movers in Vietnam, allows both companies to leverage each other's strengths to bring low-cost LNG to Vietnam and help address critical energy security needs.
​
“Underpinned by positive demographics, wide spread liberalization and record inflows of foreign direct investment, Vietnam has been one of the fastest growing economies in the world,” ECV’s website reads. “While GDP has doubled since 2010, the currency has been stable against the US dollar and inflation has remained below 5% and unemployment below 2.5% for the past five years. In 2018 inflation was under 3.5%and GDP was over 7%.”

The US is becoming a net exporter of energy over the coming years, elevated by the shale revolution in natural gas drilling. Several Gulf Coast LNG terminals will ship the fuel around the world, helping meet power generation needs in Europe and Asia, among other destinations.

A team from international law firm Akin Gump advised ECV in the MOU negotiations. The Akin Gump team was led by energy partner Gabe Procaccini in Houston.
Comments
Other news
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.