S.Korea’s KOGAS, US Energy Capital Vietnam to build 3,200-MW-LNG power plant in Vietnam
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.
|
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.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.
10:57, 2025/01/30
Foreign companies confirm investment expansion in Vietnam in 2025
Some foreign firms are optimistic about Vietnam's economic prospects in 2025 and plan to expand investment, focusing on sustainability across sectors.
- PM invites Skoda to manufacture electric vehicles in Vietnam
- US Berggruen Holdings to help Vietnam set up investment funds
- Vietnam releases Esports White Book 2022-2023
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses
- Vietnam calls for more US investment in innovation, hi-tech