South Korean natural gas company Korea Gas Corporation (KOGAS) and Vietnam-focused project development and asset management company Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MOU) to cooperate on a new LNG regasification terminal.
As explained, the MOU provides the framework for the development of a privately-funded LNG regasification terminal, storage, gas supply system and 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province, Vietnam.
The two parties plan to work together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam.
Commenting on the MOU, David Lewis, CEO of ECV, said KOGAS’ presence in the LNG business together with ECV’s position as one of the first LNG movers in Vietnam, allows both companies to leverage each other’s strengths to bring low-cost LNG to Vietnam and help address critical energy security needs.
“This significant milestone culminates a year-long effort with KOGAS. We share similar strategic visions … and we look forward to our long-term partnership together,” Lewis added.