The provincial authority (People’s Committee) of Bac Lieu has approved the Bac Lieu LNG-to-Power project, developed by Singapore-based Delta Offshore Energy (DeltaOE) in Vinh Hau A, in the Hoa Binh District of the Bac Lieu Province, in south-western Vietnam. The project comprises a 3.2 GW LNG-to-power CCGT power plant, an LNG floating storage and regasification unit (FSRU) and a 35 km pipeline. Total investment for the project is estimated at VND93,600bn (US$4bn), funded with 15% of equity and 85 % of loan.
In December 2019, the Bac Lieu LNG-to-Power project was included into the national power development plan (Power Development Plan 7, revised). Delta Offshore Energy has until the end of December 2020 to complete the project development period and the construction is expected to last 36 months. The project is expected to be operating in December 2023. The developer has already signed a 20-year supply agreement with Magnolia LNG for 2 Mt/year of LNG to fuel the power plant. Furthermore, DeltaOE has secured a PPA agreement with the Bac Lieu Province for the plant's power generation.
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