Page 11 - AsianOil Week 50 2021

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SOUTHEAST ASIA president, head of plant business office, Lee Energy Capital Vietnam,
Gyu Chul.
Petronas and Posco adjacencies between Petronas and Posco, B.Grimm Power and
Adif said, “Given the multiple business
collaborate on carbon we are delighted to collaborate in unlocking Siemens Energy Partner
the opportunities and potential of CCS.
capture and storage value This is one of the many efforts to establish in landmark LNG-to-power
Malaysia as a leading CCS solutions hub
chain in the region. Posco is the largest steel project in Vietnam
manufacturer in Korea and this collaboration
Petronas signed a memorandum of will allow Petronas to leverage on Posco’s Energy Capital Vietnam (ECV), a US-based
understanding (MoU) with Posco experience especially in carbon capture and project holding and development company
International and Posco Engineering & transportation.” established in 2015 to serve as a platform
Construction to jointly explore opportunities Under the MoU, Petronas and Posco will for private investment into Vietnam,
in carbon capture and storage (CCS) collaborate and perform technical maturation has announced that B.Grimm Power of
technologies as well as carbon dioxide (CO2) activities to unlock CCS potential in Malaysia. Thailand and Siemens Energy have joined
storage solutions in Malaysia. Petronas is taking deliberate steps to its consortium to develop an LNG-to-power
Both parties will assess opportunities to build a resilient and sustainable portfolio to project in Mui Ke Ga (MKG), Binh Thuan
unlock CCS potential and identify suitable support the transition towards lower carbon Province, in Southern Vietnam.
technology within the scope of carbon energy sources, including evaluating the B.Grimm Power and ECV have signed a
capture, transportation of CO2 and storage for application of technology towards lowering joint development agreement, and B.Grimm
potential application. emissions across the value chain which Power intends to invest approximately
Petronas was represented by executive will encompass carbon capture, transport $200mn in equity at financial close of the
vice president and chief executive officer and storage. The company is also pursuing project. B.Grimm Power’s more than 20
of upstream, Adif Zulkifli, while Posco more zero continuous flaring and venting of years presence in Vietnam and expertise in
International was represented by vice hydrocarbons to reduce emissions aligned operating gas fired power plants with a total
president, head of energy business division, with its aspiration to achieve net zero carbon capacity of more than 2,000 MW will ensure
Hwang Euy-Yong. Signing on behalf of emissions by 2050. a smooth project implementation as well as
Posco Engineering & Construction was vice PETRONAS, December 17, 2021 reliable and efficient electricity production.
Siemens Energy will deliver advanced
technology equipment into the project to
reduce the global carbon footprint by bringing
cleaner burning gas to a still coal-dominated
region. Further, Siemens Energy is evaluating
to participate with construction equity to the
project, which has an estimated total project
cost of $1.75bn.
“B.Grimm Power is excited to work with
ECV, Siemens Energy and Maius to deliver the
MKG LNG project on time and we welcome
the timely issuance of Power Development
Plan VIII,” said Dr. Harald Link, chairman
and president of B.Grimm Power. “We
find great confidence in the innovative risk
mitigation approach applied to the project
as a cornerstone for the Vietnamese energy
transition. As internationally recognised,
LNG is a cleaner, cost-effective fuel alternative
to coal. MKG LNG can help the energy
transition in Vietnam in accordance with
commitments made under the Paris Accords
and at COP26.”
David Lewis, ECV chairman and CEO,
said the addition of B.Grimm Power and
Siemens Energy as partners speaks to the
strength of the MKG project in Vietnam.
“Partnering with B.Grimm Power and
Siemens Energy bolsters ECV’s first-class
LNG-to-power project that will provide
critical energy security to Vietnam,” Lewis
said. “Beyond world-class engineering
competence and efficiency, B.Grimm Power

Week 50 17•December•2021 www. NEWSBASE .com P11