Vietnam city says approves LNG project to be developed by Exxon Mobil

Vietnam's port city of Haiphong said authorities had approved a $5.09 billion LNG power and terminal project due to be developed by Exxon Mobil Corp and to start power generation in 2026-27.

In a statement, the city’s People’s Committee said the power plant would have an initial capacity of 2.25 gigawatts (GW) and that would be expanded to 4.5 GW by 2029-2030.

It said the project would also include a terminal with a capacity of six million tons of LNG per year.

Exxon Mobil did not immediately respond to a request for comment.

In June, Vietnam’s government said it welcomed Exxon Mobil’s move to invest in the country following a phone call between Prime Minister Nguyen Xuan Phuc and Irtiza Sayyed, President of ExxonMobil LNG Market Development Inc.

The government said in a statement at the time that a power project in Haiphong could use LNG imported from the United States or other countries.

The Institute of Energy of Vietnam is drafting a new master power development plan and has compiled a list of 22 LNG power plants with a combined potential capacity of up to 108.5 GW, the first of which will be operational by 2023.

The Haiphong committee said the city had also approved another $1.9 billion LNG power project with a capacity of 1.6 GW.

It said the first phase of the plant would be operational from 2025 and the entire plant from 2028, but did not specify a potential developer or investor.

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