Japanese companies Tokyo Gas and Kyuden, along with Vietnam’s Truong Tan Vietnam Group, have established the Thai Binh LNG Power joint venture (TBLP) to work on an LNG-to-power project in Thai Binh Province, Vietnam.
The venture will develop, construct and operate a floating LNG import terminal and a natural gas-fired power plant in Tay Binh Province, procure LNG and sell electricity to Vietnam Electricity Corporation, Tokyo Gas revealed, noting that, moreover, TBLP will conduct a business feasibility evaluation of the LNG-to-power project.
In the business feasibility evaluation, Tokyo Gas said the venture will conduct verification based on economic rationality and technical feasibility, select an EPC operator and formulate an LNG procurement plan, with the aim of starting commercial operations by 2029.
“We will continue to leverage the experience and know-how we have accumulated to date to contribute to the development and low-carbonization and decarbonization of Asian countries through the expansion of LNG infrastructure business, including this project, and to support Tokyo Gas Group’s management vision ‘Compass 2030’,” Tokyo Gas stated.
To note, this is Tokyo Gas Group’s second LNG-to-power project in Vietnam, following the onshore LNG import terminal and natural gas-fired power plant project in Quang Ninh Province.
As for the company’s other LNG activities, at the beginning of January 2024, it was announced that there are plans for an agreement with Japan’s Inpex Corporation in relation to the acquisition of the participating interests (1.575%) held by Tokyo Gas in the Ichthys LNG project, through Tokyo Gas Australian project subsidiaries.
The Ichthys LNG is led by Inpex as the project operator, alongside major partner TotalEnergies and the Australian subsidiaries of CPC Corporation Taiwan, Tokyo Gas, Osaka Gas, Kansai Electric Power, Jera and Toho Gas. At its peak production, Ichthys LNG is capable of producing up to 8.9 million tons per annum (mtpa) of LNG and 1.65 mtpa of liquefied petroleum gas (LPG).