PV Gas to supply LNG for power production
PV Gas, a subsidiary of state-owned Petrovietnam, is set to supply 70,000 tons of LNG to state utility Vietnam Electricity (EVN) for power production, starting mid-April, PV Gas said Tuesday.
The move follows a prime ministerial directive issued in February on ensuring electricity supply and coal-gas for power generation. It also aims to support EVN in power generation during the peak dry season of 2024.
The LNG is set for delivery to Phu My 3 thermal power plant in April-May, for power generation of 500 million kWh, according to PV Gas, the first and only enterprise qualified for LNG imports and exports. PV Gas is also the only business in Vietnam to have a complete LNG infrastructure system, operational since July 2023.
The Al Jassasiya vessel is scheduled to supply 70,000 tons of LNG from Ras Laffan, Qatar, arriving at PV Gas’s LNG Thi Vai terminal on Thursday. The delivery is the first of its kind this year and the second for PV Gas, the firm said last month.
Meanwhile, EVN is preparing to sign contracts with an LNG supplier for a power factory in the southeastern region from April 15, said Nguyen Quoc Trung, head of the National Load Dispatch Center (NLDC) under EVN.
It will be the first time that EVN has used LNG-fired power this year, providing a solution for power shortages, Trung said at a recent meeting held to discuss power supplies during the dry season. Power usage is set to go up 9.6% year-on-year in 2024, he clarified, noting that the increases may even reach 13% for May, June, and July, the peak of summer.
In addition to reserving water in reservoirs for power production, EVN is willing to use diesel oil and fuel oil for electricity generation, also the most expensive sources of electricity, Trung added.
In the first quarter of 2024, Vietnam’s power production reached 69.4 billion kWh, up 11.8% year-on-year, according to EVN.
The figure included 10.62 billion kWh of hydropower, or 15.3% of the total; coal-fired power of 39.99 billion kWh, or 57.6%; gas-fired power of 6.06 billion kWh, or 8.7%; imported power of 1.15 billion kWh, or 1.7%; and 11.45 billion kWh of renewable energy, or 16.5%.
The renewable energy portion featured 6.61 billion kWh of solar power and 4.43 billion kWh of wind power.
- Read More
Construction trio keen on building $1.5 bln expanded expressway in southern Vietnam
Three construction majors in Vietnam are interested in building an expanded expressway connecting Ho Chi Minh City with the Mekong Delta provinces of Long An and Tien Giang for an estimated VND38.6 trillion ($1.52 billion).
Infrastructure - Tue, November 19, 2024 | 8:18 pm GMT+7
Singapore, Germany upgrade relations to strategic partnership
Singapore and Germany have decided to elevate their ties to a Strategic Partnership to promote closer cooperation in areas of mutual interest such as security, artificial intelligence (AI) and clean energy.
Southeast Asia - Tue, November 19, 2024 | 8:01 pm GMT+7
Thailand’s rice shipment up 20% in 10 months
Thailand exported 8.37 million tons of rice in January-October, a year-on-year increase of 20%, according to the Ministry of Commerce.
Southeast Asia - Tue, November 19, 2024 | 8:00 pm GMT+7
Vietnam’s inconsistent legal framework poses problems for FDI sector: Deep C exec
Vietnam’s legal framework lacks consistency and the foreign direct investment (FDI) sector will soon face challenges related to the Law on Environmental Protection, says Bruno Jaspaert, CEO of Deep C Industrial Zones.
Economy - Tue, November 19, 2024 | 6:30 pm GMT+7
Vietnam shares sink on extended foreign selloffs
Vietnamese equities fell for a fourth consecutive day on Tuesday as foreign traders extended their selling spree.
Finance - Tue, November 19, 2024 | 5:10 pm GMT+7
Germany’s household product firm QuickPack to invest $32 mln in Vietnam
Germany’s QuickPack, a specialist for household goods and hygiene products, will invest €30 million ($31.8 million) in Vietnam’s Mekong Delta province of Long An.
Industries - Tue, November 19, 2024 | 4:24 pm GMT+7
Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers
Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.
Real Estate - Tue, November 19, 2024 | 4:17 pm GMT+7
‘Bottleneck of bottlenecks’ continues to dog Vietnam's property, infrastructure projects
Limited consultations between state agencies and the parliament’s primary focus on wording are issues with Vietnam’s legal framework adversely affecting property and infrastructure projects, say experts and corporate leaders.
Economy - Tue, November 19, 2024 | 3:40 pm GMT+7
President Xi Jinping hastens construction of 3 Vietnam-China rail routes
Chinese President Xi Jinping has called for more substantial cooperation between China and Vietnam, including the pacier implementation of three railway routes linking the two nations.
Infrastructure - Tue, November 19, 2024 | 3:08 pm GMT+7
Vietnam developers offer deferred principal payments, interest support to boost year-end sales
Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.
Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7
Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory
Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.
Companies - Tue, November 19, 2024 | 11:00 am GMT+7
Techcom Securities becomes largest broker in Vietnam by capital base
Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.
Finance - Tue, November 19, 2024 | 9:11 am GMT+7
Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec
Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.
Companies - Tue, November 19, 2024 | 7:45 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Companies - Tue, November 19, 2024 | 7:00 am GMT+7
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7