Vietnam Adds EVC-Kogas Project to Power Plan

Vietnam has included a gas-fired power plant planned by a consortium led by Energy Capital Vietnam (ECV) in its national power development plan, EVC said on August 19.

According to an official announcement from the government issued on August 13 the Vietnamese prime minister issued a directive to add ECV's Mui Ke Ga LNG project to the national power development plan period 2021-2030 during a meeting with Binh Thuan provincial leaders on July 23. The ministry of industry and trade is charged with submitting the updated plan in October 2020, EVC said.

Last year, EVC and South Korean Kogas signed a memorandum of understanding that provides the framework for the development of a LNG regasification terminal, storage, gas supply system and 3.2-GW gas-fired power project near Mui Ke Ga, Binh Thuan province.

ECV, a leading Vietnam-focused project development and asset management company established to serve as a platform for private investment into Vietnam, has been in discussions with the Vietnamese government regarding energy sector investment and privatisation opportunities since 2015. It has offices in Dallas, Texas and Ho Chi Minh City.

The first phase of the project is targeting final investment decision in late 2021 and commercial operational delivery by 2025, and will use about 1.5mn metric tons/year of LNG with an ability to increase to 7mn mt/yr over time. The company is working with Exelon – a US clean energy company – for development and operations expertise for the power plant.