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July 23, 2020

Chan May LNG to build power project in Vietnam with $6bn investment

US-Vietnamese joint venture Chan May LNG has reportedly planned to invest nearly $6bn in a power project in Vietnam.

US-Vietnamese joint venture (JV) Chan May LNG has reportedly planned to invest nearly $6bn in a power project in Vietnam.

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Chan May LNG CEO John Rockhold said his company will build the LNG project in Thua Thien Hue province. Plans include a 4GW power plant, LNG terminal and storage facilities.

Construction works at the site will begin from next year, with the initial phase of 2.4GW capacity coming online in 2024. The power plant will use General Electric turbines.

The entire facility is slated to become operational in 2027.

According to Reuters, Chan May LNG plans to cash in on the increasing demand for electricity in the country.

Financial institutions, including the US International Development Finance, US Exim Bank and the International Finance Corp have expressed interest in financing the project.

Rockhold added: “We have big support from the US government for the project, as they have LNG to sell. We have a number of US LNG suppliers and we are doing the shopping right now.”

Once fully operational, LNG worth nearly $1.2bn would be imported from the US annually for the project.

An investment licence for the project is expected to be received this year.

The news agency reported that the country is at risk of power shortages from next year, as electricity demand begins to outpace the construction of power plants.

US investors hold a 60% stake in the JV company, while the remaining 40% is held by Vietnamese investors.

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Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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