Thai energy developer eyes US$7.8 billion LNG scheme in Vietnam


Thailand’s Energy developer Gulf Group (Gulf) is pursuing a scheme on building a gas-fired power cluster in the central province of Ninh Thuan


Vietnam Economic Times reported that the Gulf is asking the Ninh Thuan provincial People’s Committee for in-principle approval to the implementation of two projects, including a liquified natural gas (LNG) re-gasification terminal and a Ca Na LNG-fired power plant complex. This complex is set to gather four power plants with a combined capacity of 6,000 MW.

An estimated US$7.8 billion is needed for the two projects under build-operate-transfer (BOT) form or other models. The investor pledged to ensure the progress of the work as scheduled.

Pham Van Hau, Vice Chairman of the provincial People’s Committee, said the LNG power project plays a key role in spurring socio-economic development in Ninh Thuan and many neighboring localities in the southern region.

Ninh Thuan has mapped out a plan on developing the Ca Na power center which include a LNG terminal and LNG-fired power plants. The plan was submitted to the Ministry of Industry and Trade for appraisal and it will be sent to competent authorities for approval later.

Following the plan is ratified, the province will outline a set of criteria aimed to select appropriate investors.

The Gulf has made bold moves in the Vietnamese market through its extensive participation in power projects. In a recent move, the Thai energy developer and one Vietnamese partner inked a deal on developing a photovoltaic solar power project in the southern province of Tay Ninh.

The solar project is designed with a capacity of 48 MW, with a total investment capital of US$66 million. The Gulf owns a proportion of 49 per cent of the project value while the rest is held by Vietnamese firm. The construction of the project is slated for June.

In early 2018, the Gulf said it planned to invest in a 5,000 MW gas-fired power plant in the southern province of Dong Nai, while stating that it is eager to provide local energy developers with technologies and equipment related to gas fired power generation.

Gulf Group, one of the leading energy producers in Thailand, raised US$733 million through its initial public offering in 2018. The Thai firm is eyeing many power projects in neighbouring countries, including Myanmar, Laos, and Vietnam.


Photo: Gulf Group