Thailand’s Gulf Energy eyes renewable energy investments in central Vietnam

Thailand’s Gulf Energy Development Public Company Limited plans to implement projects in renewable energy, liquefied gas and infrastructure in the central province of Thanh Hoa.

Panawit Sidejchayabhon, CEO of Gulf Energy Vietnam, revealed this during a Wednesday meeting with Thanh Hoa authorities.

He emphasized the potential of Nghi Son Economic Zone, especially its Nghi Son seaport, which can accommodate big ships. The Thai executive sought the provincial authorities' help in carrying out studies and implementing various projects.

Thanh Hoa Vice Chairman Nguyen Van Thi welcomed Gulf Energy’s "timely interest" in the province, saying that development of renewable energy and liquefied gas projects was a priority for Thanh Hoa.

He noted that the province was also an investment destination for WHA Industrial Development, a leading industrial real estate developer in Thailand.

Gulf Energy’s current investments include three renewable energy projects: GTN1 and GTN2 - two solar farms the southern province of Tay Ninh with a total capacity of 118.8 MW. These projects became operational in March and April 2019, respectively.

The third project is the Mekong Wind Farm, an offshore wind farm in the Mekong Delta province of Ben Tre. The 128-MW project commenced commercial operations last month.

In November 2019, Gulf Energy and the southeastern province of Ninh Thuan signed a cooperation agreement for the development of a 6,000 MW gas-fired power project along with a LNG terminal with a capacity of six million tons per year.

In July, the Vietnamese government approved a master plan to develop the national oil and gas storage system by 2030 with an estimated investment of VND270 trillion ($11.42 billion). Total LNG storage capacity would be increased to 20 million tons per year by 2030. Meanwhile, the national LPG storage capacity will be expanded to reach 800,000 tons by 2030 and to 900,000 tons later.