ExxonMobil has investment plans for Vietnam

By Anh Minh June 11, 2020 | 11:13 pm PT

Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan. Photo by Reuters/Toru Hanai.

U.S. oil company ExxonMobil wants to build an LNG-based power plant each in Hai Phong City and Long An Province.

Irtiza Sayyed, President of ExxonMobil LNG Market Development Inc, said in a phone call to Prime Minister Nguyen Xuan Phuc on Thursday that his company wants to explore investment opportunities in Vietnam's energy sector.

The corporation wants to invest in a series of liquefied natural gas (LNG) ports and warehouses and refining and petrochemicals operations in the northern city of Hai Phong. The 4,000-megawatt plant could go on stream sometime in 2025-2030.

Another LNG-fueled plant in the Mekong Delta province of Long An will have a capacity of 3,000 MW.

The company will source the LNG from its operations in the U.S. and some other countries.

Importing LNG from the U.S. will help balance trade between Vietnam and the U.S., according to the Vietnamese government.