U.S. energy giant ExxonMobil Corp is still in talks with its Vietnamese partner and the local government on an investment off the country’s central coast, and the magnitude of the project remains undisclosed, according to sources from the Vietnam Trade Office in the U.S.
The Texas-based petrochemicals manufacturer is working with PetroVietnam and relevant state agencies on the feasibility study for the project aimed at exploiting the natural gas source at the Ca Voi Xanh reserves in Quang Ngai Province, the trade office said.
PetroVietnam, fully known as the Vietnam Oil and Gas Group, is the state-run oil and gas giant of the Southeast Asian country.
ExxonMobil has so far mentioned nothing about how much money it would invest in the project, said Minister Counselor Dao Trong Nhan, head of the Vietnam Trade Office in the U.S.
Sources from Quang Ngai earlier reported that ExxonMobil is promoting its US$20 billion investment plan for an offshore gas transfer project and a power complex in the central coastal province, home to Vietnam’s sole oil refinery Dung Quat.
A 1,500 MW power plant will be set up in the first phase at the complex, according to the plan. In the second phase, the capacity of the power plant will be increased to 4,000-5,000 MW, while a gas processing facility will also be established.
A memorandum of understanding for the project was signed by the two parties during Vietnamese State President Truong Tan Sang’s visit to the U.S. in July 2013.
ExxonMobil is the world’s third largest company by revenue, with 2013 turnover topping $420 billion and net income reaching $32.58 billion.
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Đăng ký: VietNam News
