According to the power generation industry and local media in Vietnam on the 2nd, the Vietnamese government approved the Mui Kega LNG power generation project by adding it to the power development plan.
Last year, the Vietnamese Prime Minister’s Office instructed local governments to submit detailed tasks to include Mui Ke’s project in the’Vision 2045′ and the ‘7th National Power Development Plan VII’.
After receiving the detailed tasks, the Vietnamese government announced the draft master plan, the power development plan for 2021-2030 last month, and officially included the Mui Kega project. In the announcement of the Prime Minister’s Office, Vietnamese local media said, “With this decision (by the Vietnamese government), Mui Ke has presented a blueprint that will make Binh Thuan Province a Vietnam’s energy power generation hub, where LNG power generation projects will be carried out.”
The Muikega LNG power generation project is a large-scale national project with a total investment of 4.2 billion dollars to build 3600 MW power generation facilities with the goal of completion by 2028. In the first phase, 1.8 billion dollars (about 2 trillion won) will be invested to establish a power generation facility of 1200 ㎿, and the second and third phases will be carried out to expand the power generation facilities.
To this end, in July of last year, KOGAS signed a memorandum of understanding (MOU) with Energy Capital Vietnam (ECV), a Vietnamese investment company in the United States, to comprehensively cooperate in the LNG business. The US gas company, Excelerate Energy, will also participate in this project. KOGAS formed a’Korea Consortium’ with Korea Southern Power and Hanwha Energy to carry out the business of Mui Ke.
“This GTP (Gas to Power Project) project is a complex energy business that operates the entire LNG value chain by combining gas introduction, terminal and pipeline construction and operation, and power plant operation and maintenance (O&M).” Explained.
With the successful promotion of this project, KOGAS is seeing it as an opportunity to expand its presence in the Vietnamese gas market. The KOGAS is also carrying out the 4500 MW class’Hirang LNG power generation project’ along with Southern Power and Hanwha Energy in which Muike participated in the project as’Team Korea’. This project, which was conducted in collaboration with Vietnam T&T Group, is scheduled to finish the first phase of the project in 2027.
Vietnam is increasing the share of gas power generation as it becomes more difficult to operate the existing coal-fired power plants as the world goes on to change the climate environment such as’carbon neutral’. The power generation capacity estimated by the Vietnamese government this time is 137.2GW in 2030, with gas-fired power accounting for 21%.
An official from the KOGAS said, “Vietnam’s demand for electricity is increasing day by day due to urbanization and economic growth. I plan to concentrate.”
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