Tokyo Gas, Marubeni form JV for Vietnam gas-to-power project
Japan’s Tokyo Gas and Marubeni Corporation along with Vietnamese machine manufacturer Colavi and PetroVietnam Power have established a joint venture company to develop a gas-to-power project in the southeast Asian country, Tokyo Gas said on November 4 in a statement.
The joint venture company, Quang Ninh LNG Power, will build an onshore LNG receiving terminal and a natural gas-fired power plant in Cam Pha district of Quang Ninh province.
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According to Tokyo Gas, the project is expected to start commercial operations in the second half of 2027. The Japanese company did not provide any other information about the project.
Vietnam is promoting gas-fired power as it moves away from coal and oil-based generation. At present, the fast-growing nation does not import any LNG.
PetroVietnam Power, a unit of state-run PetroVietnam, last year signed a deal to allow two banks to arrange a loan of $1.4bn for two gas-based power projects. The loan will be used for the construction of Nhon Trach 3 and Nhon Trach 4 power projects that PV Power is proposing to develop.