Tokyo Gas and partners to invest $2 billion in LNG power project in Vietnam

Japan’s Tokyo Gas, Kyuden, and Vietnam’s Truong Thanh Viet Nam have received an investment licence from the Vietnamese government to develop a $1.99 billion LNG-to-power project in the northern province of Thai Binh.

According to a statement by the government of Vietnam, the licence was awarded to the JV during the Japan-ASEAN summit in Tokyo.

The LNG-to-power project will have a capacity of 1.5 GW.

The statement did not provide further details regrading the project.

In November last year, Tokyo Gas and Marubeni joined forces with PetroVietnam Power and Colavi to establish Quang Ninh LNG Power as part of their plans to build an LNG-to-power project in Vietnam’s Quang Ninh province.

This move followed an investor registration certificate received from the Vietnamese government on July 11, 2022.

Vietnam became an LNG importer this year.

PetroVietnam Gas, a unit of state-owned PetroVietnam, launched in October its Thi Vai LNG import terminal, the country’s first such facility.

The Thi Vai LNG import facility consists of one 180,000-cbm LNG tank, a jetty, and regas area.

The terminal has a capacity of 1 mtpa in its first phase, but PetroVietnam Gas plans to boost the capacity to 3 mtpa in the next stage.

It will be an important link in supplying gas to consumers, including the Nhon Trach 3 and 4 power plants.

According to the Vietnamese government, the country is planning to develop up to 13 LNG power plants with a combined capacity of 22.4 GW by 2030.

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