Energy Capital Vietnam Advances with Government Support on First Fully Private LNG Power Project Development in Vietnam after Move to New Location
QUANG NAM PROVINCE, Vietnam, Nov. 8, 2018 /PRNewswire/ -- Energy Capital Vietnam (ECV), a Vietnam-focused project development and asset management company, announced today that it has moved its initial project location from Bac Lieu to Quang Nam, which is located along the central coast of the country approximately one hour south of Da Nang. This decision was made in cooperation and consultation with the Office of the Prime Minister and the Ministry of Industry and Trade (MOIT), the key authoritative body that oversees the energy sector.
"We serve at the pleasure of the government and are grateful for the support and assistance from MOIT on this decision, which was made a few months ago after more extensive diligence. Our primary purpose is to bring LNG power to Vietnam in the most efficient and effective manner possible, and we always listen to suggestions and requests from the government," said David Lewis, CEO of Energy Capital Vietnam.
ECV is in the process of engaging the Houston office of Mitsui Ocean Development & Engineering Co. (MODEC) to conduct the feasibility study on its semi-offshore LNG power project. Expected to be completed by 2Q19, the study will confirm final site selection details, optimal LNG storage and a power generating solution. ECV expects to use US-sourced LNG as its fuel supply for the project and has initiated discussions with potential suppliers. Detailed engineering design will commence upon conclusion of the feasibility study.
Gilles Labbe, president of ECV stated, "We look forward to the completion of this work and to phase one initiation of our planned 3.2 GW semi-offshore power project. This location brings naturally deeper waters with improved access to transmission infrastructure. Importing US-sourced LNG to Vietnam will bring Texas resources into a vibrant new marketplace and help reduce the trade deficit between the two countries."
ECV further announced the additions of Ambassador Ted Osius and Ambassador Robert Holleyman to its Advisory Board. Ambassador Osius previously served as US Ambassador to Vietnam from 2014 to 2017 and Holleyman served as Deputy US Trade Representative from 2014 to 2017, with the rank of Ambassador.
"Ambassador Osius brings a wealth of knowledge and first-hand expertise on the advances within Vietnam over the past 20 years and has tremendous insight into the country and its people. Ambassador Holleyman had responsibility for US trade engagement in Asia and global investment policy. He previously worked in the US Senate and led a global software industry organization and has longstanding experience in Asia and Washington, DC. Together their collective cultural expertise, government and diplomatic relationships will be a great asset to the Company and our long-term efforts," said Lewis.
In October, the US Department of Commerce notified ECV that its LNG power project in Quang Nam had been officially approved for National Advocacy. The diligence process began in June and incorporated collective feedback and reports from among multiple government entities. "It's an honor to be the second LNG affiliated project in Vietnam to receive official support from the US government. We are grateful to Ambassador Kritenbrink for his leadership in helping to secure our approval. He and his team are doing tremendous work to advance the interests of US-sourced LNG in Vietnam," said Lewis.
ECV has engaged KPMG to conduct an independent assessment of the LNG and gas power generation market within Vietnam, including benchmark analysis and assumption validation of ECV positioning therein.
About Vietnam
With a population of over 90 million, Vietnam has consistently averaged over 6% annual GDP growth for over 20 years. Rapid urbanization, a top-down government commitment to cleaner sources of energy, and favorable demographics help to make it one of the most dynamic economies within the region. As one of the fastest growing economies in the world, electricity consumption is expected to require the development of an additional 90 GW of generation capacity by 2030.
To learn more about ECV, please visit our website at www.ecvholdings.com
SOURCE Energy Capital Vietnam
