One more US partner would like to invest in LNG infrastructure in Vietnam

One more US partner would like to invest in LNG infrastructure in Vietnam - 

On September 9, 2019, at the Government Headquarters, Deputy Prime Minister Vuong Dinh Hue received Mr. Scott Kicker, CEO of Gen X Energy Company (United States). At the meeting, Mr. Scott Kicker proposed to the Government of Vietnam, the wishe of Gen X Energy to invest in LNG complex project including LNG storage, gas transportation system and gas power project.

Deputy Prime Minister Vuong Dinh Hue receives Mr. Scott Kicker, General Director of Gen X Energy Company. Photo: Duong Giang / Vietnam News Agency

Reporting to Deputy Prime Minister, Mr. Scott Kicker informed: Gen X Energy Company met and discussed with leaders of Ba Ria - Vung Tau province before to prepare an investment plan in LNG Complex project including and LNG storage, gas transportation system in territory of this province. Along with the LNG storage system, Gen X Energy also has plan to invest in a gas power plants in Vietnam.

Gen X Energy is an enterprise that possesses modern gas power technology from shale oil technology and large gas supply. The investment of a large-scale LNG storage in Ba Ria - Vung Tau will contribute to reducing gas costs when distributing it to the gas power plants in Vietnam.

Welcoming Gen X Energy to cooperate with stakeholders to invest in projects in Vietnam, Deputy Prime Minister Vuong Dinh Hue believed that this activity will contribute to strengthening the trade and investment cooperation between Vietnam and the United States, in which energy cooperation is an important sector.

According to the Deputy Prime Minister, Vietnam has a general policy to invite more US businesses to invest in Vietnam for more well-proportioned trade balance between the two countries.

That, Gen X Energy uses modern, environmentally friendly technologies is suitable with the policy of attraction and cooperation of Vietnam in foreign investment.

Besides, at present, Government of Vietnam also needs to import liquefied gas and develop gas power plants to ensure energy demand for the economy.

The Deputy Prime Minister emphasized that it is not important when an energy project is supplemented or removed from the National Power Development Planning as the efficiency and competition in construction, operation, production and business of the project, ensuring compliance with market principles and suitable with the interests of the relative sides.

Therefore, the Deputy Prime Minister asked Gen X Energy and the Vietnamese partner to report in more detail on the scale, capacity, investment capital to the Ministry of Industry and Trade and the Government Office for consideration and submission to the Government Prime Minister to decide.

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