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September 24, 2021, 6:17 pm

Exxon Mobil triggers new US investment wave

(16:48:38 PM 21/07/2014)
( - The world’s largest oil and gas group Exxonmobil based in the US has moved ahead with its $20 billion gas power project in the provinces of Quang Ngai and Quang Nam, a sign of a new investment wave from the US.


According to Pham Nhu So, Deputy Chair of the Quang Ngai provincial People’s Committee, Exxonmobil, after carrying field research, has expressed a wish to develop a project to bring gas ashore and build a gas-run 4,000-5,000 MW power plant, capitalized at $20 billion in total.


Exxon Mobil is considering two solutions, either bringing gas from Blue Whale oil field to the Bau Ca Cai area, near the Dung Quat Oil Refinery and building a power plant in Quang Ngai province, or bringing gas to the Tam Hiep fishing port area and building a power plant in Quang Nam province, near the Dung Quat Economic Zone.


Nguyen Hoai Giang, President of the Binh Son Petrochemical Refinery Company, commented that the latter solution proves to be better, because Exxon Mobil will be able to take full advantage of infrastructure facilities like a deep water port and favorable transport system.


Under the Vietnam’s gas industry development program by 2015-2025, a gas pipeline system would be built which would bring gas from the oil fields of the blocks No 117, 118 and 119 ashore (the expected designed capacity is 2-4 billion cubic meters per annum).


The government is also considering building a gas processing plant with the capacity of 1-4 billion cubic meters per annum in the area which is expected to become operational by 2018.


Former Chair of Quang Ngai Province Cao Khoa, the investor needs 200 hectares of land for the project, of which 100 hectares will be used in the first phase when a 1,500 MW power plant is built.


Local authorities have promised to provide “cleared land”, ready for the project development to the investor.


New foreign direct investment from the US


An official from the Quang Ngai provincial authorities said they are considering offering special investment incentives to Exxonmobil, if it makes investment in the province, affirming that Quang Ngai can satisfy all the investor’s requirements on land and infrastructure.


Do Nhat Hoang, Director of the Foreign Investment Agency (FIA), noted that he can see a new investment wave from the US.


He said Vietnamese agencies and local authorities have received many groups of US investors, namely Globe Venture Inc and Pacific Development LLC, so far this year, who came to learn about the opportunities to develop infrastructure projects, including a highway in An Giang province and the Van Don Economic Zone in Quang Ninh province.


Hoang of FIA said that in the first two months of the year alone, US investors registered investment capital of up to $1.3 billion, huge capital which helped it jump from the seventh to the first position on the list of the largest foreign investors in Vietnam.


Of the five US invested projects in Vietnam this year, the biggest one is the 5-star complex of hotel and entertainment park in Ba Ria-Vung Tau province, capitalized at $1.29 billion, registered by Good Choice Group.

Tien Phong

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