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.

Source : Thanh Nien News | March 18, 2014


About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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