Jun 12, 2020 / 16:43

ExxonMobil to soon expand investment in Vietnam

The Hanoitimes - Vietnam is a safe and reliable environment for investment and international trade.

US energy group ExxonMobil expects to soon expand its investment in many fields in Vietnam, said Irtiza Sayyed, president of ExxonMobil LNG Market Development Inc. during a telephone conversation with Vietnamese Prime Minister Nguyen Xuan Phuc on June 11.

 Prime Minister Nguyen Xuan Phuc makes a phone conversation with Irtiza Sayyed, president of ExxonMobil LNG Market Development Inc. Photo: VGP.

At the conversation, the prime minister welcomed the group’s plan to invest in Vietnam, including natural gas exploitation (liquified natural gas – LNG), petrochemical refining and electricity production from LNG. 

For his part, Irtiza Sayyed highly appreciated that Vietnam has controlled Covid-19 with effective measures which have been highly appreciated internationally, saying that this success will create a safe and reliable investment environment for investment and international trade in Vietnam.

Prime Minister Phuc said cooperation with ExxonMobil is significant, contributing to joint cooperation between the United States and Vietnam, especially in the context where the two countries commemorate the 25th anniversary of the establishment of diplomatic relations this year.

Vietnam is one of the first countries which have basically controlled Covid-19 and would tap into this opportunity for development, PM Phuc emphasized.

In this process, the country has a huge demand for energy, Phuc added. The government welcomed the US group’s plan to invest in terminals, LNG gas storage and gas-fired power plants with the cutting-edge technology in Hai Phong city.

With a capacity of 4,000MW, the LNG-fueled power plant project in Hai Phong is expected to be put into operation in the 2025-2030 period and contribute greatly to the development of the city as well as Vietnam’s northern key economic area.

PM Phuc also welcomed the group’s plan to invest in a LNG-to-power project with a capacity of 3,000MW in Long An province.

For the complex project, the US energy group is committed to providing LNG imported from the US and other countries and contributing to balancing trade between the US and Vietnam. 

ExxonMobil is partnering with PetroVietnam to finalize an agreement for a multi-billion-dollar integrated gas-to-power project in Quang Ngai province.

The project construction had been scheduled for kicking off in late 2019, with production beginning by 2023.