Binh Thuan province certifies investors in LNG-to-power projects

Binh Thuan authorities granted investment certificates to six investors in four projects within the LNG-to-power chain in the south-central Vietnam province on Friday.

The chain, located in Son My 1 Industrial Park, includes the Son My LNG Terminal project, Son My power center project, a project to connect the Son My power center to the national grid, and the Son My-Phu My gas pipeline project.

The investors are PV Gas, a subsidiary of state-owned Petrovietnam; the U.S.’s AES; France’s EDF; Japan’s Kyushu and Sojitz; and Vietnam’s Pacific Corporation.

Binh Thuan province also has two LNG-to-power plant projects - Son My 1 and Son My 2. Those two projects have a total capacity of 4,500 MW and an investment of $4 billion.

At the event, Binh Thuan authorities granted an investment certificate to the Son My LNG Terminal project. The terminal has an installed capacity of 450 TBtu and is expected to begin commercial operations in 2027, including supply of LNG for the two power plants.

Speaking at the ceremony, Binh Thuan Chairman Doan Anh Dung said the project chain would help implement Vietnam’s strategy of energy diversification via imported LNG and net-zero emission commitment made at COP 26.

President of AES Vietnam Joseph Uddo said AES has been investing in Vietnam’s energy sector for over 12 years and will continue helping the country’s energy transition.

AES is the investor of the Son My LNG Terminal project and the 2,250 MW-Son My 2 combined cycle gas turbine power plant project in Binh Thuan. The terminal, to be built by a joint venture between AES and PV Gas, has an investment of $1.4 billion.

AES officially received in-principle approval for the $1.8 billion Son My 2 power plant on February 5.

The 2,250 MW Son My 1, under build-operate-transfer (BOT) format, is invested by EDF, Kyushu, Sojitz, and Pacific Corporation. It has an investment of between VND47,464 billion and VND48,457 billion ($2-2.04 billion), depending on the inclusion of an electricity delivery station.