Energy Capital, Gunvor form JV to ship LNG to Vietnam

Energy Capital Vietnam (ECV), a US-based project holding and development company, has formed a joint venture with Cyprus-registered independent energy commodities trading house Gunvor International.

An ECV-led consortium is developing an LNG-to-power project in Mui Ke Ga, Binh Thuan Province, in Southeastern Vietnam. Under the partnership, ECV and Gunvor will form a JV responsible for trading and shipping on behalf of ECV.

In addition, Gunvor will supply LNG to the JV on a long-term basis.

The fully private, multi-phase power project will connect via subsea pipeline to an offshore floating storage and regasification unit (FSRU) to import LNG. Phase one of the project is targeting final investment decision (FID) in late 2021 and commercial operational delivery (COD) by 2025.

The project will consume approximately 1.5 million tonnes per year (mtpa) of LNG, with an ability to increase consumption to reflect subsequent development phases and opportunities presented by market conditions.