DOE RECEIVES PM SUPPORT ON PPA COMPLETION IN 2020 AT NATIONAL MEETING OF CENTRAL AND LOCAL GOVERNMENT LEADERS
CAN THO, Vietnam, August 05, 2020,/Delta Offshore Energy/ On August 1st, in a national meeting hosted by Vietnam’s Prime Minister, Nguyen Xuan Phuc, Standing Deputy Prime Minister, Truong Hoa Binh, along with other distinguished Government Ministers and Provincial Leaders of the Mekong Delta, Managing Director of Delta Offshore Energy (“DOE”), Mr. Ian Nguyen, secured Government support to start negotiations for PPA completion on the 3.2GW Bac Lieu LNG-to-Power project (“the Project”) with Vietnam Electricity (EVN). DOE was the only foreign participant invited to the government meeting with senior officials.
In a follow-up to a meeting in Bac Lieu Province earlier this year with the National Steering Committee delegation led by H.E. Hoang Quoc Vuong, Vice Minister of the Ministry of Industry and Trade, DOE has the green light to begin early negotiations of key terms in the PPA and will submit its Heads of Terms PPA this month.
Positioned as the ‘Made in USA LNG-to-Power’ project in ASEAN, this ambitious and country-transforming initiative are the single largest Foreign Direct Investment project for the Mekong Delta region, the agriculture, and aquaculture “rice basket” of Vietnam. The potential US content when including LNG is up to USD 30 billion over twenty-five years.
Advocated by the US Government, this project has gained significant American interest. U.S. Secretary of Energy, Dan Brouillette, recently expressed U.S. Government support for the Project, to Deputy Prime Minister H.E. Pham Binh Minh, in a letter dated July 13th, 2020.
The project will be brought to fruition by a world-class consortium lead by DOE and top American LNG and power infrastructure companies. These consortium members include world technology leader in Combined Cycle Gas Turbine (“CCGT”), General Electric (“GE”), and Bechtel, the largest American construction company to lead onshore works and EPC. American leader in offshore construction, McDermott International and Stena AB, are leading the offshore engineering.
DOE has contracted the Institute of Energy, Vietnam’s leading energy technical advisor under the Ministry of Industry and Trade, to complete the grid interconnection report, Feasibility Study, and Environmental Impact Assessment as prerequisites for key approvals and agreements with the Vietnam government. DOE has also hired expert international consultants to help complete the Feasibility Study by September 2020.
Mr. Ian Nguyen also reassured the Prime Minister and all other notable attendees that the development phase is on schedule so that the implementation can commence in 2021. Power is fully expected to upload to the national grid by 2024, as mandated in the PDP7.
ABOUT DELTA OFFSHORE ENERGY
Delta Offshore Energy PTE LTD (“DOE”) is a Singapore registered company focused on project origination and development in clean energy. DOE is the owner of the 3.2 GW Bac Lieu LNG-to-power project (“the Project”) which was included in Vietnam’s national Power Development Plan 7 revised (“PDP7R”). DOE received the Investment Policy Decision and the Investment Registration Certificate to be the exclusive owner of the Project which is the largest Foreign Direct Investment in Vietnam in 2020. The project is also the first coal-to-gas conversion in Vietnam, the first integrated LNG-to-power project in Vietnam, Vietnam’s first approved 100% foreign IPP in thermal as well as the country’s first floating LNG terminal.
ABOUT GE
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of the industry, and today it leads to new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse, and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com
ABOUT BECHTEL
Bechtel is a trusted engineering, construction, and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers’ objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world’s infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place.
Bechtel serves the Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals markets. Our services span from initial planning and investment, through start-up and operations. www.bechtel.com
ABOUT MCDERMOTT
McDermott is a premier, fully integrated provider of technology, engineering, and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise, and comprehensive solutions deliver certainty, innovation, and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the “One McDermott Way.” Operating in over 54 countries, McDermott’s locally focused and globally-integrated resources include more than 42,000 employees, a diversified fleet of specialty marine construction vessels, and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
ABOUT STENA SPHERE
Stena is one of the largest family-owned business groups in Sweden and operates worldwide within different businesses such as Ferry Operations, Offshore Drilling, Shipping, Property, Finance, New Businesses, and Recycling. The Head office is in Gothenburg, Sweden. www.stena.com
ABOUT STENA POWER & LNG SOLUTIONS AS
Stena Power & LNG Solutions AS, formerly 7 Seas LNG & Power AS, has since 2015 developed innovative and proprietary Jetty-Less LNG to power solutions including the Autonomous Transfer System (ATS), the Self-Installing Regas Platform (SRP), and the Self-Installing Power Plant (SPP). The solutions are particularly suited for the emerging LNG to power market where there may be limited or no existing infrastructure in place. The Jetty-Less technology is enabling the possibilities to import LNG and provide power to new markets without the need for any fixed infrastructure (no jetty – no breakwater). The floating solutions are ideal for flexible financing and lease offerings. The entire facilities may also be relocated if the demand or other local conditions should change over time. The Jetty-Less technology is covered under a US Patent granted by the United States Patent Authorities in 2018
Delta Offshore Energy Pte Ltd
Hoa Binh Green City Commercial Centre, 4th Floor
505 Minh Khai, Hai Ba Trung District, Hanoi, Vietnam
Telephone: +84 24 393 686 27
Email: [email protected] | Website: www.DeltaOE.com
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