return icon Vietnamnet.vn

Investors interested in LNG projects in Van Phong EZ

Many foreign and domestic companies are keen on building multibillion-dollar liquefied natural gas power and storage plants in the central province of Khanh Hoa.

{keywords}
Petroleum storage warehouses in South Van Phong in Khanh Hoa Province. — Photo dantri.com.vn

The province proposed the Ministry of Industry and Trade (MoIT) list Van Phong Economic Zone in the national power development plan in the 2021-30 period in the Power Master Plan VIII. According to the Van Phong Economic Zone’s management board, the four chosen locations have an area of more than 1,000ha with favourable conditions to develop LNG projects.

Specifically, the locations will be at My Giang Hamlet, Ninh Thuy Industrial Park, Nam Van Phong petrochemical refinery complex and Ninh Tinh Industrial Park.

According to the province’s leaders, the locations were carefully considered with advantages of proximity to the sea, and large land fund for big scale projects.

He said they asked the ministry to give priority to investors from developed countries with financial capacity and experience in investments of power plants around the world such as the US, Japan and South Korea.

In addition, the provincial People’s Committee had requested to supplement and adjust the master plan for development of the gas industry in the southern Van Phong region (in Van Phong EZ) to suit the capacity, scale and operating time of gas power projects according to the Power Master Plan VIII.

The Van Phong Economic Zone’s management board said many firms had shown interest in Van Phong as an investment destination.

These include Millennium Group from the US, Sumitomo Corporation and J-Power from Japan and a venture between Vietnam’s Embark United and the US’ Quantum. 

Millennium wants to build a 9,600-MW power plant and storage complex with total investment of US$15 billion.

J-Power, which has been in the energy sector for 60 years, is eyeing a 3,000-MW, $3.2-billion plant that will be commissioned by 2025.

Embark-Quantum seeks to build a 6,000-MW plant and storage complex covering 300 hectares.

Vietnamese companies are not out of the race in building LNG power and storage projects in the economic zone.

Vietnam Electricity (EVN) has proposed a 6,000-MW plant, while the Vietnam National Petroleum Group (Petrolimex) has proposed an LNG storage complex with an annual capacity of three million tonnes.

In September, Imex Pan Pacific Group of Johnathan Hanh Nguyen announced to sponsor $5 million for Khanh Hoa Province to build the Van Phong Economic Zone.

The EZ’s planning would take two years. The province would submit the plan to the Prime Minister for approval.

The Government is drafting a new national power development plan for the next decade that will include 22 LNG power plants with a combined capacity of up to 108.5 GW, the first of which will be commissioned in 2023.  

LNG port infrastructure sharing model needed

In the future, Vietnam needs a large amount of LNG energy to serve power generation. This is why the country needs a development strategy for LNG ports.

Ngo Thi To Nhien, managing director of Vietnam Initiative for Energy Transition, said currently, the infrastructure for LNG transportation in Vietnam has not been developed synchronously.

In terms of structure, Vietnam’s port system still has many shortcomings such as redundancy of small ports, lack of large ports, insufficient investment in focus, and few ports that are eligible to receive medium-sized vessels.

In order to meet Vietnam’s demand for LNG in the future, infrastructure such as transportation systems and specialised vehicles for the transport, storage and recycling of fuel need to be improved and developed.

She recommended that the construction and operation of the LNG ports should be carried out by a subsidiary of the gas transport unit. This will help clarify roles and costs and enable a third party to invest in these ports.

In particular, it is necessary to build a shared model of LNG gas port infrastructure to reduce costs, avoid wasting marine resources or conflict of economic interests with other industries as well as facilitate the development of a competitive gas market in the future.  VNS

Millenium to develop $15 billion LNG project in Khanh Hoa

Millenium to develop $15 billion LNG project in Khanh Hoa

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.

MORE NEWS

Authorities to boost implementation of OV-related tasks: official

Efforts will be accelerated in 2023 to implement tasks relevant to overseas Vietnamese (OV) affairs, said Deputy Foreign Minister and Chairman of the State Committee for OV Affairs Pham Quang Hieu.

Censorship council under pressure when approving films related to private life

Director of the Cinema Department Vi Kien Thanh said the censorship council bears increasing responsibility, especially when censoring films related to private lives.

Young VN talent awarded 2023 Clay Research Fellowships

Pham Tuan Huy, 27, has become only the second Vietnamese talent to receive an award from the Clay Mathematics Institute (CMI) which gives out various prizes and sponsorships to promising mathematicians from around the world.

AFC praises Park Hang-seo’s “lasting legacy” in Vietnamese football

The Asian Football Confederation (AFC) has published an article titled “Park Hang-seo: A lasting legacy”, to honour the Korean coach after his magical five year journey with the Vietnamese men’s football team.

Discovering pig slaughtering festival in Vietnam

A traditional pig slaughtering festival got underway in Nem Thuong village of Bac Ninh city, northern Vietnam, on January 27 as part of activities to celebrate the new-year period.

Prague Airport wants to open direct air routes to Vietnam

Prague Airport in the Czech Republic is planning to launch new direct air routes to North America and Asia, including Chicago (US) and Vietnam.

Mural village woos more visitors to Quang Binh

The coastal village of Canh Duong in Quang Trach district, central Quang Binh province, is known for its breathtaking natural scenery. But now, the 400-year-old village attracts visitors with its beautiful and unique murals.

Intertwined opportunities, challenges for Vietnam’s economy in 2023

With certain headwinds predicted for the global economy in 2023, Vietnam too, faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.

Tranquil beauty of Hon Chuoi - outpost island in southwestern sea

With steep cliffs and a thick primeval forest, the untouched and mysterious beauty of Hon Chuoi Island remains intact nowadays.

Vietnam among world’s 10 biggest recipients of remittances

Vietnam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).

Phuoc Thinh departs for Mister Tourism World 2022

Phung Phuoc Thinh, the Vietnamese representative at Mister Tourism World 2022, recently left for the Philippines to compete in the final round of the male pageant.

VIETNAM BUSINESS NEWS JANUARY 28

Quang Ninh: Cross-border trading with China resumed after Tet

VIETNAM NEWS HEADLINES JANUARY 28

Auto testing centers nationwide resume operations

Soc Trang’s Khmer pagoda features giant Buddha statue

With the long-standing bonds of the Kinh, Khmer, and Hoa ethnic groups, Soc Trang boasts a special cultural identity that makes it an outstanding spiritual destination for tourists and Buddhist followers from far and wide.

Smart-homes getting cheaper in Vietnam

In Vietnam, a smart-home installation package costs VND14-25 million.
back_to_top