Tokyo Gas, Kyushu form JV with Vietnamese firm for gas power project

Tokyo Gas and Kyushu Electric Power have formed a joint venture firm in collaboration with Vietnamese company Truong Thanh to explore the feasibility of a gas-based power project in Thai Binh province, Vietnam, Tokyo Gas said on January 24.

The joint venture firm, named Thai Binh LNG Power, will focus on the development of a floating storage and regasification unit (FSRU) and a 1.5 GW gas-fired power plant in the Southeast Asian nation. The power generated from this project is slated to be sold to the state-owned Vietnam Electricity Corporation. 

As part of the initial phases, Thai Binh LNG Power will conduct a comprehensive business feasibility evaluation, considering economic rationality and technical feasibility. The joint venture will also be responsible for selecting an engineering, procurement, and construction (EPC) operator and formulating an LNG procurement plan. The aim is to commence commercial operations by 2029, Tokyo Gas said.

This marks Tokyo Gas' second gas-based power project in Vietnam, building upon its previous involvement in an onshore LNG receiving terminal and natural gas-fired power plant project in Quang Ninh province.