Gen X Energy eyes $6 billion gas project in southern coast

T&T Group and Gen X Energy representatives have recently met Ba Ria - Vung Tau provincial leader to discuss investment plan for a complex of a gas-fueled power centre and a liquefied natural gas storage facility which is estimated to cost nearly $6 billion to build.

Under the plan sketched by Gen X Energy, the project will cover an area of 200 hectares and will consist of two specialized terminals which are able to accommodate 100,000 DWT ships, LNG storage facility, gasification system and gas transportation system.

The project will be carried out in three stages, with the first expected to be finished by 2023, the second by 2026 and the last by 2030. The project boasts an annual gasification capacity of 9 million tonnes, gas storage capacity of 800,000 cubic metres and total power generation capacity of up to 6,000 megawatts.

Nguyen Hong Linh, Secretary of the provincial Communist Party said the authorities would submit the project to the prime minister for approval and create favorable conditions for T&T Group and Gen X Energy to execute the project as soon as possible.

Gen X Energy, backed by Blackstone Energy Partners, is focused on development and acquisition in the field of imported LNG as well as solar energy, wind farms, hydropower plants, natural gas and coal projects. It has involved in energy and related infrastructure projects in 21 countries with total capacity of over 27,500 megawatts.