B Grimm, Siemens join ECV's LNG-to-power project in Vietnam
US-based Energy Capital Vietnam (ECV) on December 16 said that Thai B.Grimm Power and Siemens Energy have joined its consortium to develop an LNG-to-power project in southern Vietnam.
B.Grimm Power intends to invest approximately $200mn in equity at the financial close of the $1.75bn project. Siemens will deliver technology equipment into the project, ECV said. Further, Siemens is evaluating to participate with construction equity to the project.
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ECV will form a joint venture with commodity trader Gunvor to supply LNG on a long-term basis. The project will comprise a 1.5mn metric ton/year regasification terminal and a 3.2-GW gas-fired power plant and associated facilities.
Rapidly growing Vietnam expects to start importing LNG by 2022, its minister of industry and trade Nguyen Hong Dien said in October. The country is promoting gas-based power as it moves away from coal and oil-based generation.