T&T Group shakes Hands with Leading Korean Partners to Develop Lng and Hydrogen Projects in Vietnam

Source Press Release
Company Korea Gas Corporation 
Tags Asset Deals, Deals, LNG & Gas Storage/Processing
Date June 26, 2023

On June 23, in Hanoi, within the framework of the Vietnam - Korea Business Forum, in the presence of the Minister of Planning and Investment of Vietnam and the Minister of Trade, Industry and Energy of Korea. China, T&T Group and Korean partners have signed and awarded a memorandum of understanding to cooperate to develop LNG and hydrogen projects in Vietnam.

Specifically, T&T Group and Korea Gas Corporation (KOGAS) will cooperate to develop LNG gas power projects in Vietnam, and convert coal power projects already in the Power Plan VIII to gas power. LNG according to the policy of the Government. The two sides will also explore opportunities to participate in hydrogen production projects to meet the high potential demand of power projects in commercial operation, other power projects will be developed, constructed. and operate in the near future, in line with the orientation and long-term strategy of the Government of Vietnam in the recently approved Power Master Plan VIII.

T&T Group and KOGAS will jointly develop projects using LNG refrigeration from LNG terminals in Vietnam and operate LNG cold chain business nationwide; also engages in other business activities related to LNG (procurement, importation, transportation and supply of LNG for power generation and other industrial purposes). 

Mr. Do Quang Hien, Chairman of the Strategy Committee of T&T Group, said that the efficient exploitation and use of domestic fossil energy sources combined with imports will contribute to realizing the goal of gradually reducing the rate of fossil fuels. focus on coal-fired power, give priority to domestic gas power development and develop LNG gas power sources with appropriate scale in accordance with the spirit of Power Planning VIII. 

“The cooperation with KOGAS - the exclusive natural gas wholesaler in Korea and the largest LNG importer in the world today will bring T&T Group valuable resources in terms of experience, technology, and technology. technology, finance, etc. to implement LNG projects in Vietnam, thereby contributing to ensuring national energy security and providing enough electricity to meet socio-economic development goals”, said Mr. Do Quang Hien . confirm.  

According to Ms. Choi Yeon Hye, General Director of KOGAS, this cooperation memorandum in particular as well as the energy projects that KOGAS and T&T Group have cooperated with in the future in general, not only bring about development for the two corporations, but also contribute to the sustainable development of the two countries.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd