Chan May LNG, a joint venture between the United States and Vietnam, is looking to inject $6 billion in a Vietnamese power project, according to Reuters.
The project is located in the Thua Thien Hue province and will include a 4-gigawatt power plant, an LNG terminal and storage facilities, John Rockhold, CEO and chairman of Chan May LNG, told Reuters at the Vietnam Energy Summit on Wednesday. When fully operational, the project will import around $1.2 billion of U.S. LNG a year.
Chan May LNG is 60 percent owned by U.S. investors and 40 percent by Vietnamese investors. The joint venture will look to capitalize on increasing demand for electricity in Vietnam, which faces severe power shortages from 2021 as demand outpaces construction of new plants.
A number of institutions had reportedly expressed interest in financing the projects, including the U.S. Exim Bank, the U.S. International Development Finance Corp. and the International Finance Co