Daewoo E&C eyeing $2.5 billion Vietnam LNG project in the central Thanh Hoa Province
Five consortiums compete to win mega-sized contract
South Korea’s first-tier contractor Daewoo Engineering & Construction (E&C) and the country’s energy firm SK E&S are eyeing a mega-sized power plant contract in Vietnam.
Vietnamese media outlets reported on Aug. 19 that the regional authorities would decide the winner of the Nghi Son LNG power plant project during the third quarter of this year.
The Southeast Asian country strives to channel up to $2.5 billion to build a 1,500MW LNG power plant in the central Thanh Hoa Province to start commercial operation by the end of this decade.
Currently, five consortiums are competing head-to-head where outfits from such countries as South Korea, Japan, Thailand, and Vietnam take part.
Out of the five, South Korean corporations join two. One is headed by SK E&C, while the other is led by Daewoo E&C, which joined hands with state-run utility firms KOSPO and KOGAS as well as Vietnam’s Ahn Phat.
To reduce carbon emissions, the Hanoi administration has strived to replace its fossil-fuel power plants with ones based on LNG across the country.
In particular, observers point out that the Nghi Son project represents a significant opportunity for energy development in fast-growing Vietnam.
In addition, the stiff competition among major overseas and domestic players for the initiative is regarded to highlight its strategic importance.
Source: https://www.newsarticleinsiders.com/news/articleView.html?idxno=2360
