Exxon Mobil plans to invest $20 billion in Vietnam power project

By Tran Tam, Thanh Nien News

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Exxon Mobil plans to invest $20 billion in Vietnam power project
US oil and gas giant Exxon Mobil Corp is preparing to invest around US$20 billion in a gas-fired power complex with the state-owned Vietnam Oil and Gas Group (PetroVietnam), a source from the Ministry of Industry and Trade told Thanh Nien.
The project envisages construction of two power plants with a combined capacity of 6,000 to 6,500 megawatts, according to the source.
It would cover an area of 200 hectares in total, but the locations for the plants have not been revealed.
The mega project could make the United States one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan.
US companies have so far this year invested around $10 billion in Vietnam, ranking 7th among top 10 foreign investors in the country.
In 2011, ExxonMobil announced it had made a potentially significant gas discovery off the coast of central Vietnam.
It said it drilled its second exploration off to coast of Da Nang in August 2011 and encountered hydrocarbons, after its first well failed to find anything.

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