Karpowership eyes Vietnam LNG-to-power project

The company revealed this in a social media post on Monday.

“Last week in Hanoi, we met with Vietnam’s Ministry of Industry and Trade (MOIT), Electricity of Vietnam (EVN), and other key stakeholders to present our floating LNG-to-power solution,” Karpowership said.

Led by Dogan Karadeniz, executive board member and founding partner, Kaporwership’s team shared how its floating LNG-to-power solution could meet Vietnam’s growing energy demand.

The company did not provide further information.

EVN cooperation

Vietnam’s power utility EVN said in a separate statement that its VP Ngo Son Hai hosted a meeting with the delegation led by Dogan Karadeniz.

Karadeniz presented the floating power ship model currently being deployed by the company, which is considered a “highly cost-competitive” LNG power solution, EVN said.

EVN said the advantages of this model include “rapid deployment (since the ships are pre-built), no construction time as with onshore power plants, no need for separate LNG storage facilities, and easy mobilization according to actual demand.”

Also, the ships are designed for stable operation even under Category 4 storm conditions and can reconnect to the grid within two hours in case of a disruption.

“With Vietnam’s dynamic development and electricity demand projected to continue rising sharply, Karpowership has identified Vietnam as its top priority market in Asia,” EVN said.

“Karpowership representatives emphasized their desire to build a long-term, sustainable partnership with EVN, ensuring mutual benefits for the company, the power sector, and the Vietnamese people,” it said.

EVN said that the group will continue to review and study the feasibility of this option.

“EVN and Karpowership agreed to maintain information exchange, jointly research and assess actual conditions as a basis for considering potential cooperation in the future,” EVN said.

Earlier this year, EVN awarded a consulting contract for its planned Quang Trach II LNG power plant in the province of Quang Binh.

The Quang Trach II LNG power plant project is one of the key projects under the national energy development plan (plan VIII), contributing to ensuring stable power supply for the northern region through a synchronized power grid.

Karpowership’s LNG business

Earlier this year, Karpowership launched what it says is Africa’s first-ever LNG-to-power project, off the coast of Dakar, Senegal

The project includes KARMOL’s FSRU LNGT Africa.

KARMOL, a joint venture of Karpowership and Japan’s MOL, recently took delivery of its fourth FSRU, KARMOL LNGT Powership Antarctica, from Seatrium.

Seatrium converted the 1989-built 127,525-cbm LNG carrier, Northwest Sanderling, into an FSRU. This vessel previously served the NWS LNG project in Australia.

In addition, Seatrium recently secured another contract from a unit of Karpowership to convert an LNG carrier into a floating storage and regasification unit.

Last year, Seatrium secured a contract from Karpowership to convert three LNG carriers into FSRUs.

The conversion deal included an option for a fourth LNG carrier.