If the $15 billion LNG project of Millenium Group is approved, it will contribute to making the Nam Van Phong area the largest LNG centre in Southeast Asia.
Millennium Group would splash out a whopping $15 billion on an LNG project in Khanh Hoa
Millennium Group from the United States plans to develop a liquefied natural gas (LNG) project in the South Van Phong area in Ninh Hoa town of Khanh Hoa province.
According to Nguyen Tan Tuan, Chairman of Khanh Hoa People’s Committee, the investor's ambition includes a 600-hectare project with the capacity of 9,600MW.
In addition, it will invest in a dock warehouse system to provide gas to the power plant as well as to distribute LNG in Southeast Asia. This system may be located in either Ninh Phuoc or Ninh Hoa commune.
“Once Khanh Hoa province’s leaders approve, the project will be guaranteed by the US government and we will work with the Vietnamese government to discuss implementation plans. Millenium expects to make the LNG dock warehouse in South Van Phong the energy centre of Southeast Asia,” said Sam Chan, chairman of Millennium Vietnam Group, a member of Millennium Group.
Khanh Hoa’s leaders assigned Van Phong Economic Zones Management Authority to prepare an agreement with the investor, allowing it to arrive to the Nam Van Phong area to study the project.
Regarding Nguyen Khac Dinh, Secretary of Khanh Hoa Party Committee, he said that the province’s grid is overloaded, thus, if the investor would participate in developing transmission lines, the province would be willing to allow the investor to start fieldwork.
"Numerous investors are eyeing the South Van Phong area and we will select the best enterprise", he said.
Along with Millenium Group, a number of investors are planning to develop LNG projects in the province.
Notably, in July 2019, chairman of the Vietnam National Petroleum Group (Petrolimex) Pham Van Thanh and representative director, president of JXTG Holdings Tsutomu Sugimori signed an MoU on jointly developing an LNG project in Khanh Hoa.
Accordingly, in Phase 1, the two parties will construct two gas turbine combined cycle power plants with the total capacity of 3,000MW and Van Phong LNG Terminal with a capacity of 180,000 cubic metres. Phase 2 will build two more power plants with a capacity equivalent to Phase 1. VIR
A slew of sizeable liquefied natural gas-fired power projects have been in the development pipeline in the past year as a way to replenish national power sources as Vietnam turns on a greener growth path.
The PetroVietnam Power Corporation (PV Power), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has completed plans for the construction of four liquefied natural gas (LNG)-fired power plants.