Authorities in south-central Binh Thuan province granted investment licenses to six investors in four projects within the local LNG-to-power chain on August 4.

Located at the Son My 1 Industrial Park, the chain includes the Son My LNG Terminal project, the Son My power center project, a project connecting the Son My power center to the national grid, and the Son My-Phu My gas pipeline project.

The investors are PV Gas, a subsidiary of the State-owned PetroVietnam, the US’s AES, France’s EDF, Japan’s Kyushu and Sojitz, and Vietnam’s Pacific Corporation.

Binh Thuan province also has two LNG-to-power plant projects - Son My 1 and Son My 2, which have a total capacity of 4,500 MW and investment of $4 billion.

Local authorities also granted an investment license to the Son My LNG Terminal project. The terminal has an installed capacity of 450 TBtu and is expected to begin commercial operations in 2027, including the supply of LNG to the two power plants.

Speaking at the ceremony, Chairman of the Binh Thuan Provincial People’s Committee Doan Anh Dung said the project chain will help implement Vietnam’s strategy of energy diversification via imported LNG and meet its commitment net-zero emissions made at COP 26.

President of AES Vietnam Joseph Uddo said the company has been investing in Vietnam’s energy sector for over 12 years and will continue helping with its energy transition.

AES is the investor in the Son My LNG Terminal project and the 2,250 MW Son My 2 combined cycle gas turbine power plant project in Binh Thuan. To be built by a joint venture between AES and PV Gas, the terminal has investment of $1.4 billion.

AES officially received in-principle approval for the $1.8 billion Son My 2 power plant on February 5.

The 2,250 MW Son My 1 power plant, in the build-operate-transfer (BOT) format, was invested in by EDF, Kyushu, Sojitz, and the Pacific Corporation. It has investment of VND47.464 trillion - VND48.457 trillion ($2 billion - $2.04 billion), depending on whether an electricity delivery station is included.