Energy Capital Vietnam (ECV) signed a memorandum of understanding with the Bac Lieu province to develop an LNG-to power project.
EVC, a Vietnam-focused project development and asset management company, said the agreement with the People’s Committee of Bac Lieu province represents the first opportunity for a privately-funded and owned LNG terminal in Vietnam.
The MOU provides the basis for ECV as the exclusive investor. The company has already 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, EVC’s statement reads.
ECV has retained Winston & Strawn as legal counsel on the deal.