Energy Capital Vietnam (ECV) has signed a Memorandum of Understanding (MOU) with The People's Committee of Bac Lieu Province to develop an integrated Liquefied Natural Gas (LNG) to power project.
Energy Capital Vietnam founder David Lewis said: “This project demonstrates a commitment by the government of Vietnam to improve its energy security and address critical infrastructure needs.
“It represents a new dawn for private investment into infrastructure development within the country.”
The MOU provides the basis for ECV as the exclusive investor. It was announced during the ceremony that the Prime Minister and Ministry of Industry and Trade have already provided their full support for the project.
Lewis added: “With the execution of our negotiated MOU, we will engage with global pools of capital for strategic investment partners into this unique opportunity. Our innovative pathway shortens the timing to secure all required licenses, certificates, permits, approvals, acceptances and agreements as per Vietnamese law within a twelve-month period.”
In a rare display of comprehensive support, attendees included the Party Secretary, Chairman of the People’s Council and Chairman of the People’s Committee, all representing top Bac Lieu leadership from the Party, Legislative and Executive bodies respectively.
Administrative heads from all key departments were in attendance, along with the highest ranking regional commander from the Ministry of Defense and a former Vice Minister of Planning and Investment.
ECV has engaged with technical consultants and is in discussions with GE and Cheniere. The consortium will accompany the Provincial leadership of Bac Lieu to Hanoi within the next few months to formally amend the Power Development Plan for inclusion of this gas project.
“We are excited to be at the forefront of integrating more US private investment into a country with such tremendous growth. We believe this will help enhance shared economic interests and continue to bring our two nations closer together.”
ECV has retained Winston & Strawn as legal counsel on the deal.
Source: Company Press Release.