DALLAS and SEOUL, South Korea, July 24, 2019 /PRNewswire/ -- Korea Gas Corporation (KOGAS) and Energy Capital Vietnam (ECV) have entered into a Memorandum of Understanding (MOU) that provides the framework for the development of a privately-funded liquefied natural gas (LNG) regasification terminal, storage, gas supply system and 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province, Vietnam (Project).
The MOU contemplates KOGAS and ECV working together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam. The scope of the MOU covers matters relating to cooperation and collaboration for the Project.
Commenting on the MOU, David Lewis, CEO of ECV, said KOGAS' strong 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," said Lewis. "We share similar strategic visions and ECV is proud to have a company as prestigious as KOGAS join a project of this importance. They have been steadfastly dedicated and reliable the entire time and we look forward to our long-term partnership together."
Energy Capital Vietnam Selects KBR for Feasibility Study
ECV has awarded KBR a contract to provide feasibility services and refine cost estimates for the Project including detailed analysis of optimal design combinations. Completion of the study is expected to be achieved in the third quarter of 2019.
About KOGAS
As one of the world's largest LNG importers, KOGAS has vast experience and expertise in building and operating LNG regasification terminals and distribution network for overseas and domestic markets across three decades in the LNG industry. KOGAS has been diversifying its business portfolio into the whole LNG value chain, a vertically integrated production system that encompasses up-stream to down-stream natural gas business and currently operates LNG terminals with storage capacity of 11,470,000 ㎘across 72 storage tanks and a nationwide pipeline network.
About ECV
ECV is a leading Vietnam-focused project development and asset management company with offices in Dallas, Texas and Ho Chi Minh City, Vietnam and has been in discussions with the Vietnamese government regarding energy sector privatization since 2015.
ECV engaged KPMG to forecast electricity demand and known supply constraints in Vietnam, as well as highlight the potential role LNG could play in meeting domestic energy needs as well as local context on progress regarding the ECV approach to project development. ECV has retained legal counsel assistance from the Houston and Singapore offices of Akin Gump Strauss Hauer & Feld LLP.
To learn more about ECV, please visit our website at www.ecvholdings.com.
About KBR
KBR is a global leader in differentiated professional services and technologies across the asset and program lifecycle within the Energy Sector, including LNG liquefaction and regasification. KBR has operations in 40 countries and employs over 35,000 people worldwide.
