The nearly 12 billion USD project, located in southwest Vietnam, will provide power plants with about 5.06 billion cu. m. of gas per year to produce up to 3,800 MW of electricity.
Regarded as a key national project, it is expected to bring about 30 billion USD to the State coffer and some 11 billion USD to partners, while contributing to consolidating national defence and security, and affirming Vietnam’s sovereignty over its sea and islands.
Its component projects will also help upgrade infrastructure, generate thousands of jobs, and promote economic restructuring in many localities.
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At the ceremony, PM Pham Minh Chinh, representatives from ministries and agencies, and foreign ambassadors witnessed the signing of important documents between Petrovietnam and its partners. (Photo: VNA) |
PM Chinh expressed his hope that after more than 20 years of negotiations, the project, the biggest of its kind so far, will be implemented successfully.
He emphasised that in the national strategy and master plan for energy development, the Party and the State pay great attention to the sustainable development of the oil and gas industry, particularly gas, and encouraging investments in oil and gas exploitation on Vietnam’s continental shelf, especially in deep water and offshore areas.
The project holds strategic importance in ensuring the energy supply-demand balance post 2025 in the southwestern region in particular and the nation in general, he went on.
The leader also affirmed that the government has facilitated the operations of state-run giant Petrovietnam and other investors, groups and companies in this field, urging the stakeholders to cooperate in boosting the development of the southwestern region.
Chinh also called on Japanese and Thai partners and contractors to coordinate with Petrovietnam during the implementation of the project.
