Gulf (Thailand) proposed to invest in the power – gas center and LNG terminal in Nam Dinh

At the meeting, Mr. Panawit briefly introduced the scale and potential of the Gulf and affirmed that the Group has a need to invest in a power-LNG center with a capacity of 1,500 - 3,000 MW and a regional LNG terminal warehouse for the Northern region in Nam Dinh.

The General Director of Vietnam Gulf said that Gulf Group has also researched, approached and reached a preliminary agreement with the Korean Taekwang Group –The investor of Nam Dinh 1 Thermal Power project (in Hai Chau and Hai Ninh communes, Hai Hau district) about cooperation, or conversion from Taekwang to Gulf to invest in this project from coal thermal power to LNG thermal power.

To favorably implement the next steps, Mr. Panawit proposed that Nam Dinh provincial leaders chair a meeting for Gulf and Taekwang to report more depth on the conversion between the two investors.

According to the General Director of Vietnam Gulf, the land fund to invest in a power–LNG project only needs about 100 hectares, while the area planned by the province for investment in Nam Dinh 1 Thermal Power Project is nearly 300 hectares. Therefore, for the remaining land fund, Gulf proposes to survey and invest in an additional Power - LNG project No. 2, and to establish a Power - LNG Energy Center and a major LNG terminal in the North Region. This port warehouse is invested with the purpose of supporting utility services for the operation of Nam Dinh Energy – LNG Center and providing additional logistic services on power –LNG for the enterprises in the same industry in localities in the Northern region.

Mr. Somsak Chutanan - Senior Advisor of Gulf said that Nam Dinh is a suitable location for the investment needs of power projects, due to its proximity to the load centers of the North (Hanoi, Hai Phong, Bac Ninh), as well as industrial centers with great demand for LNGsuch as Hanoi, Hai Phong, Bac Ninh and convenient in sharing and supplying fuel to the power - LNG projects invested in the near future in Thai Binh, Nghi Son, Quynh Lap.

Exchanging with the Gulf Group, Mr. Pham Dinh Nghi – the Chairman of Nam Dinh Provincial People's Committee said that, when implementing the Nam Dinh 1 Thermal Power Project, the province planned a land fund of nearly 300 hectares (for investment in thermal power project, port and warehouses). Therefore, the use is very suitable with the need to invest in additional power projects and LNG terminals of the Gulf Group.

The Chairman of Nam Dinh Provincial People's Committee assigned the Department of Planning and Investment to be the focal point to support the Gulf in related tasks.

In the immediate future, Nam Dinh PPC proposes the Gulf Group to soon successfully implement an agreement on investment cooperation methods, or change the investor of the Nam Dinh 1 Thermal Power Project with Taekwang Group (Korea).

Speaking at the meeting, Mr. Pham Gia Tuc – the Secretary of Nam Dinh Provincial Party Committee affirmed that, developing renewable energy and LNG is one of the areas prioritized by the province to attract investment.

Currently, Nam Dinh province is proposing to add an LNG port, as well as urgently complete the provincial economic and social planning (period 2021 - 2030, vision 2050) to soon publicize and serve as a basis to boost attracting investment, including renewable energy and gasification projects.