Prime Minister Nguyen Xuan Phuc has assigned Vietnam's Ministry of Industry and Trade a directive to propose a liquified natural gas (LNG) power project being developed by a consortium led by Energy Capital Vietnam (ECV) for inclusion into the National Power Development Plan of Vietnam.
According to an official announcement from the Government Office of Vietnam dated August 13, 2020 (No. 293/TB-VPCP), the Prime Minister issued a directive to add ECV's Mui Ke Ga LNG project (MKG) to the National Power Development Plan period 2021-2030 during a meeting with Binh Thuan provincial leaders on July 23, 2020. The Ministry of Industry and Trade (MOIT) is charged with submitting the updated plan to the Prime Minister in October 2020.
ECV's LNG project will provide for the development of a multi-phase gas-fired power complex and Floating Storage Regasification Unit (FSRU) terminal near Mui Ke Ga in Binh Thuan Province, Vietnam.
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 privatization opportunities to help address its critical energy security needs since 2015. Phase I of the MKG project is targeting Final Investment Decision (FID) in late 2021 and Commercial Operational Delivery (COD) by 2025, and will consume approximately 1.5 million tons per year (mtpa) with an ability to increase to 7 mpta over time.
"Our multi-year relationship with the Vietnamese government has positioned ECV to pioneer private sector development of the LNG market in Vietnam," said David Lewis, ECV Chairman and CEO. "The World Bank projects Vietnam to require up to 90,000 megawatts of new power generation over the next decade, and we look forward to working with our talented American, European and Asian partners to address those needs in the years to come."
ECV is working with Exelon – America's leading clean energy company – for development and operations expertise for the power plant.