Korea Gas Corporation (KOGAS) and Energy Capital Vietnam (ECV) have agreed on a framework for the development of a privately-funded liquefied natural gas (LNG) regasification terminal, storage and gas supply system in Vietnam.
The Korean natural gas company and the US-domiciled asset management firm will also be carrying out a 3,200-MW gas-fired power plant in Mui Ke Ga of Binh Thuan province as part of an attempt to meet the rising LNG demand in the nation.
“This significant milestone culminates a year-long effort with KOGAS,” said ECV CEO David Lewis. “We share similar strategic visions and ECV is proud to have a company as prestigious as KOGAS join a project of this importance. They have been steadfastly dedicated and reliable the entire time and we look forward to our long-term partnership together.”
Given the strong presence of KOGAS in the LNG business and ECV’s position as one of the first LNG movers in Vietnam, the collaboration between the two parties can help bring low-cost LNG to Vietnam and help address critical energy security needs.
A team from international law firm Akin Gump advised ECV in the memorandum of understanding (MOU) negotiations. The scope of the MOU covers matters relating to cooperation and collaboration for the project.
ECV has contracted global engineering company KBR to provide feasibility services and refine cost estimates for the project, including detailed analysis of optimal design combinations. Completion of the study is expected to be achieved in the third quarter of 2019.
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