The partnership will enable GS Energy to accumulate business know-how of the “LNG value chain” in Vietnam.
South Korea’s GS Energy has inked a deal with Vietnam-focused fund manager VinaCapital to build a liquefied natural gas (LNG)-fired power plant in southern Vietnam.
VinaCapital CEO Don Lam and GS Energy President Huh Yong-soo. Photoe: GS Energy |
Through the partnership, the two firms will jointly build a 3,000-megawattt LNG-fired combined cycle power plant and sell electricity to state-run Vietnam Electricity (EVN), GS Energy said in a statement.
The signing ceremony took place in Seoul on November 28 in the attendance of GS Energy President Huh Yong-soo and VinaCapital CEO Don Lam.
To operate and manage the power plant, GS Energy plans to establish an LNG value chain in Vietnam by introducing LNG and managing storage and vaporization facilities.
“The government’s active support including the New Southern Policy has significantly helped us to clinch the latest strategic deal with VinaCapital,” the Korea Herald quoted GS Energy President Huh Yong-soo as saying.
The company also said that it will expand its core businesses, including petrochemistry, resources development and integrated energy supply in overseas markets.
The partnership enables GS Energy, which is South Korea’s largest private power producer, to boost power generation in Vietnam in the context that the Southeast Asian country is actively seeking to ramp up energy production to feed its rapid growing economy.
To push forward the development of LNG-to-power, the government of Vietnam has issued a number of policies and initiatives to increase the LNG utilization.
Under the Vietnam Gas Industry Development Master Plan to 2035, the gas production volume across the country will increase from 10 billion cubic meter (cu.m) per year to 21 billion cu.m/year in the 2015 – 2035 period.
Other News
- SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues
- Strong recovery with stable growth for Hanoi economy
- Cross-border e-commerce expansion opportunities for Vietnamese businesses
- European companies look to expand production in the North: EuroCham Vietnam
Trending
-
Vietnam values ties with Russia: Prime Minister Pham Minh Chinh
-
Vietnam news in brief - October 24
-
Degeneration of teacher ethics: school is not a place for self-interest
-
Vietnam's first university through the eyes of young painters
-
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
-
Authentic Hanoi Old Quarter bun rieu: Irresistible charm
-
Hanoi set to deliver new luxury apartments this quarter
-
Hanoi's Old Quarter vibrant ahead of Halloween
-
Ba Dinh Square flag raising ceremony on vinyl