ExxonMobil to invest $20b in Vietnam power project

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ExxonMobile-2US-based oil and gas giant ExxonMobil Corp is preparing to invest around $20 billion in a gas-fired power complex with Vietnam’s state oil and gas group Petrovietnam, according to the trade ministry, the Thanh Nien newspaper reported.

The project envisages construction of two power plants with a combined capacity of 6,000 to 6,500 megawatts, which could make the US one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan, the report said.

The investment plan was initiated several years ago when ExxonMobil discovered gas reserves offshore central Vietnam and decided to exploit it for commercial purposes, serving power generation in Vietnam.

The group’s representative expressed hope that stronger activities will be implemented in the next months to promote investment in this project. However, the company is concerned about electricity and gas prices, he said, expressing its wish to apply market principles for both.

Quang Ngai is emerging as a destination for the project. The province has recommended four locations some 75-85 kilometers from the lots. The sites are all in the Ca Voi Xanh platform, for which PetroVietnam and its US counterpart signed a development deal during President Truong Tan Sang’s July 2013 visit to the US.

Quang Ngai has paid special attention to the project, local leaders said, adding that the province will offer special incentives to the investor. The province has also suggested PetroVietnam choose the Dung Quat Economic Zone as the location for the project, aiming at turning it into the nation’s oil refinery center.

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Reading Time: 2 minutes

US-based oil and gas giant ExxonMobil Corp is preparing to invest around $20 billion in a gas-fired power complex with Vietnam’s state oil and gas group Petrovietnam, according to the trade ministry, the Thanh Nien newspaper reported.

Reading Time: 2 minutes

ExxonMobile-2US-based oil and gas giant ExxonMobil Corp is preparing to invest around $20 billion in a gas-fired power complex with Vietnam’s state oil and gas group Petrovietnam, according to the trade ministry, the Thanh Nien newspaper reported.

The project envisages construction of two power plants with a combined capacity of 6,000 to 6,500 megawatts, which could make the US one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan, the report said.

The investment plan was initiated several years ago when ExxonMobil discovered gas reserves offshore central Vietnam and decided to exploit it for commercial purposes, serving power generation in Vietnam.

The group’s representative expressed hope that stronger activities will be implemented in the next months to promote investment in this project. However, the company is concerned about electricity and gas prices, he said, expressing its wish to apply market principles for both.

Quang Ngai is emerging as a destination for the project. The province has recommended four locations some 75-85 kilometers from the lots. The sites are all in the Ca Voi Xanh platform, for which PetroVietnam and its US counterpart signed a development deal during President Truong Tan Sang’s July 2013 visit to the US.

Quang Ngai has paid special attention to the project, local leaders said, adding that the province will offer special incentives to the investor. The province has also suggested PetroVietnam choose the Dung Quat Economic Zone as the location for the project, aiming at turning it into the nation’s oil refinery center.

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