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Sunday, July 25, 2021

Van Phong Economic Zone attracts billion-dollar project

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HCMC – Millennium Vietnam Company, a member of the U.S.-based Millennium Petroleum Group, plans to develop a liquefied natural gas (LNG)-fired power plant project worth up to US$15 billion in the Van Phong Economic Zone in Khanh Hoa Province.

The project is expected to help Van Phong become the largest LNG hub in Southeast Asia and contribute to the socioeconomic development of Khanh Hoa Province and of Vietnam as a whole.

At a recent meeting with leaders of the south-central province, Millennium Vietnam chairman Sam Chan said that the project would have an electricity generation capacity of 9,600 MW and cover 600 hectares in Ninh Phuoc Commune or Ninh Hai Ward, Ninh Hoa Town.

Khanh Hoa Province chairman Nguyen Tan Tuan asked the management of Van Phong Economic Zone to allow Millennium Vietnam to survey the location and conduct further research.

Besides this project, the management of Van Phong Economic Zone said the Southern Van Phong area has attracted a number of other LNG projects.

Vietnam National Petroleum Group and Vietnam Electricity Group are working to commence an oil refining and petrochemical project. In the first phase, they will construct two power plants with a total capacity of 3,000 MW and the Van Phong LNG Terminal with a storage capacity of 180,000 cubic meters. In the second phase, they will build two more power plants with a capacity equivalent to the first phase.

In addition, Tuan Dung Joint Venture has planned to build an LNG-fired power plant covering 200 hectares in Ninh Phuoc Ward, Ninh Hoa Town.

Hoang Dinh Phi, head of the Van Phong Economic Zone authority, said that the advantage of the area is that it gathers many large projects and has a deep-sea port capable of receiving big vessels. The area prioritizes industrial development, especially seaports and petrochemistry as well as sea tourism.

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