KHÁNH HÒA — Authorities of the south-central coastal province of Khánh Hòa are seeking Prime Minister Pham Minh Chinh’s backing for two major projects with a total investment of more than US$27 billion proposed by the Millennium Energy Corp of the US in Vân Phong Economic Zone (EZ).
The projects aim to build a power plant fuelled by liquefied natural gas (LNG) and an LNG depot in the southern part of the Vân Phong EZ.
The Khánh Hòa People’s Committee requested the PM instruct the Ministry of Industry and Trade to add the projects to the national power development plan and the master plan on national energy.
The US company surveyed the Vân Phong EZ last July and signed a memorandum of understanding with the EZ on the building of documents to invest in the two projects, using about 360ha of land.
It proposed the construction of an LNG-fuelled power plant worth $4.7 billion with a capacity of 4,800MW with four turbines which will be built in two phases.
Commercial operation of the first phase is scheduled to begin during 2027-2030 while the second is slated for after 2030.
Regarding the Vân Phong LNG depot, the US firm is set to build a storage facility with a total capacity of 17 million cu.m., to supply LNG to its own plant and other projects in Việt Nam, towards exporting the gas to other Asian nations. Total investment in the facility is estimated at $22.5 billion.
Khánh Hòa’s Vân Phong EZ so far has attracted 153 investment projects with a combined registered capital of $4.1 billion, including 30 foreign projects nearing $1.4 billion.
Ninety-four projects have come into operation.
The EZ is already home to a 1,320-MW thermal power plant costing $2.58 billion and a petrol and gas terminal worth $125 million, among others. — VNS
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