The Bac Lieu Provincial People’s Committee (PPC) has handed the Decision on investment policy of Bac Lieu liquefied natural gas (LNG) power project to Delta Offshore Energy Pte Ltd (DOE Singapore).
This project including a power plant LNG fired with a capacity of 3200 MW on an area of 40 ha in Vinh Hau A commune, Hoa Binh district, a LNG floating terminal and storage FSU or a LNG floating storage with a capacity of 150,000 – 174,000 cubic meters of LNG, a gas recycling station (FSRU) on the sea surface with an area of 100 ha and a high pressure gas pipeline with a length of 35 km has an estimate total investment level of 93,600 billion VND equivalent to US$ 4.0 billion. The project with 100% of foreign capital including 15% of equity and 85 % of loan has become a great FDI project in Mekong Delta so far.
The Investors and strategic partners committed and had determination to implement the project rightly in accordance with the National Power Planning VII (adjusted) additionally approved by the Prime Minister on December 19, 2019, as the following schedule:
The investors have 12 months from the date of receiving the Investment Registration Certificate (to the end of December 2020) to complete project development period – investment preparation and 36 months to construct the LNG terminal and storage, gas recycling station, gas pipeline and put into operation the first gas turbines with a total capacity of 750 MW at the end of 2023 and continuously to carry out construction to achieve the project total capacity as 3200 MW in operation before December of 2023.
If the above progress is achieved, this will be the first thermal power project in Vietnam to be implemented by a half time shorten compared to the previous thermal power projects, and become a model for investment in power development in Vietnam.
Therefore, Bac Lieu PPC asks the investors and partners to make the best effort to implement the commitment schedule mentioned above. The Bac Lieu PPC also desires the ministries and central agencies, to continuously support Bac Lieu and Bac Lieu provincial departments and branches to act closely with investors so as do not occur the delays in administrative procedures related to competence of the Vietnamese side, in order to promote the effectiveness of the project as a key one in creating a breakthrough for changing economic structure of the province in coming period, that the authorities and people of Bac Lieu Province have high expectations for.
In order to encourage investors to fulfill their commitments, the Bac Lieu PPC also allows them to enjoy the investment incentives and highest support, applicable to difficult economic sectors in accordance with the current regulations of Vietnamese laws.