Page 9 - GLNG Week 37 2021

GLNG COMMENTARY GLNG

processes, while T&T would manage oper- was waiting for the government’s final approval
ations on the ground. The Malaysian firm for the Hai Lang project, the South Korean
added that it would “lead financing supported firms were the only competitive bidders in last
by credit agencies for debt” and would also be month’s tender.
responsible for identifying other international The project is to be developed over three
investors. phases, with the first involving the construc-
Singapore’s Delta Offshore Energy (DOE), tion of a 1,500-MW power plant, and will
meanwhile, said on September 7 that Bac Lieu’s cover 1.2mn square metres of land on Quang
provincial government had approved the com- Tri Province’s coast. The initial phase carries a
pany’s environmental impact assessment (EIA) KRW2.5 trillion ($2.13bn) price tag.
for its proposed 3,200-MW combined cycle gas LNG imports
turbine (CCGT) power plant and LNG import What next?
terminal. LNG imports are vital to the government’s are vital to the
“A key driver to growth is foreign direct forthcoming decree on reducing greenhouse government’s
investment [FDI] and this project is a low-hang- gas (GHG) emissions. The decree, which is
ing fruit for such disbursements. The EIA is a key expected to be come into force on January 1, forthcoming
step in unlocking this capital,” DOE co-founder 2022, will reduce the country’s GHG emissions
and managing director Ian Nguyen said. in line with commitments set out under the 2015 decree on
DOE awarded Bechtel a front-end engineer- Paris Agreement.
ing and design (FEED) contract for the CCGT Vietnam has pledged to reduce GHG emis- reducing
in July, after having signed a 25-year, $50bn sions by 9%, or 83.9mn tonnes of CO2 equiv- greenhouse gas
power purchase agreement (PPA) with the Viet- alent, by 2030 from its “business-as-usual”
namese government in January. scenario – with around 51.5mn tonnes of that (GHG) emissions.
South Korean financial daily Pulse reported coming from energy sector reductions.
on September 6 that a consortium of South By leaning away from coal and oil towards gas
Korean utility suppliers was poised to win a in the quest to slash emissions, Vietnam is fol-
KRW5.5 trillion ($4.25bn) contract to build an lowing a trend seen in other emerging markets
LNG-to-power project in Vietnam. that are struggling to balance their green and
Pulse cited multiple unnamed industry economic agendas. Simply put, the fuel remains
sources as saying that while the Korea Gas the easiest way for developing economies to
(KOGAS) led consortium, which includes score points in both columns as they build up
Hanwha Energy and Korea Southern Power, their renewable energy base.™

Week 37 17•September•2021 www. NEWSBASE .com P9