HCMC – A liquefied natural gas (LNG) plant, whose capacity is 4,000 megawatts and total investment capital is US$6 billion, is set to be built in the Chan May-Lang Co Economic Zone in Phu Loc District, Thua Thien-Hue Province, in the first quarter of 2021.
The provincial government on November 7 met with the Chan May LNG Joint Stock Company, the project’s investor, and other business partners, according to a statement on the Thua Thien-Hue government’s portal.
This is a private-sector power project, which will not tap the State budget. The U.S. side owns a 60% stake and the Vietnam side holds a 40% stake in the project.
In the first phase, the investor will build three power generators with a total capacity of 2,400 megawatts and put them into operation in the 2024-2026 period.
Two more generators whose total capacity is 1,600 megawatts will be developed in the second phase. They are scheduled for commercial operation in the 2026-2028 period.
Once completed, the project is expected to generate an average output of 24-25 billion kilowatt hours annually.
Tran Si Chuong, board chairman of Chan May LNG company, said the firm has mobilized sufficient resources including capital and technology to serve the construction of the plant. The investor hopes to receive support from local authorities and business partners to soon begin work on the project, he added.
Phan Ngoc Tho, chairman of the provincial government, said that the central province pays great attention to the environment, so eco-friendly projects in the locality would receive priority.
Tho also highly evaluated the feasibility of the project and its business partners as they are financially sound and experienced in developing LNG projects.
Aside from this project, chairman Tho expected more foreign partners would study and invest in the province’s potential fields, such as sea ports and logistics, in the coming period.