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Exxon Mobil accelerates VN investment plan

Update: March, 19/2014 - 09:03
The US group Exxon Mobil has accelerated the pace of its investment in the US$20 billion worth gas-electricity complex in Viet Nam.— Photo RIA Novosti

HA NOI (VNS)— The US group Exxon Mobil has accelerated the pace of its investment in the US$20 billion worth gas-electricity complex in Viet Nam.

The Ministry of Industry and Trade noted that the group has completed site investigation and selection.

Exxon Mobil was expected to submit relevant documents and implementation plan to the Viet Nam National Oil and Gas Group (PetroVietnam) and the ministry for approval.

The investment plan was initiated several years ago when Exxon Mobil discovered offshore gas reserves in central Viet Nam. Exxon Mobil and PVN have jointly planned to build a 200ha gas-electricity complex in the central region, using gas products from Lots 117, 118, and 119. Half of the area will be used for building a 1,500MW power plant. In the second phase of the project, the area will be expanded up to 200ha for building a 4,000-5,000MW power plant and gas processing facility.

The central Quang Ngai Province is emerging to be a viable destination for the project. The province has recommended four locations some 75-85 kilometres from the lots.

A representative from PVN was quoted by the Tien Phong newspaper as saying that they were unable to announce official information as it is a huge project with extremely high capital demand.

The sites are all in the Ca Voi Xanh (Blue Whale) platform, for which PetroVietnam and its US counterpart signed a development deal during President Truong Tan Sang's visit to the US last year.

Vo Tien Dung, the head of Management Board of the province's Dung Quat Economic Zone informed the newspaper that Exxon Mobil and PVN have made efforts in choosing the site for construction.

Cao Khoa, the chairman of the provincial People's Committee added that the province meets the requirements set by the investors in areas, such as land, roads, electricity, and water. The province also has the requisite port infrastructure to support the project.

The province has introduced the proposed sites to Exxon Mobil and PVN, Khoa stated.

Khoa emphasised that any investors interested in investing in the province will enjoy special preferential treatment from the Government, adding that the province and the group had a meeting and agreed on all the issues.

ExxonMobil is a multinational oil company headquartered in Irving City, Texas.

As of July 2007, the oil company was the world's second-largest, after Rosneft, with a daily crude output of 6.5 million barrels. — VNS

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