On January 25, 2024,
by
Aida Čučuk
Some exciting news has come out of Vietnam as Japanese companies Tokyo Gas and Kyuden, along with Vietnam’s Truong Tan Vietnam Group, have established the Thai Binh LNG Power joint venture (TBLP). They plan to work on an LNG-to-power project in Thai Binh Province, Vietnam.
Illustration only; Archive; Courtesy of Tokyo Gas<
TBLP aims to develop, construct and operate a floating LNG import terminal and a natural gas-fired power plant, and procure LNG and sell electricity to Vietnam Electricity Corporation. Tokyo Gas revealed the venture will also conduct a business feasibility evaluation of the LNG-to-power project.
The business feasibility evaluation will be conducted to verify economic rationality and technical feasibility, select an EPC operator, and formulate an LNG procurement plan. The aim is to start 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.
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.
At the beginning of January 2024, it was revealed 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.
Ichthys LNG is a major project capable of producing up to 8.9 million tons per annum (mtpa) of LNG and 1.65 mtpa of liquefied petroleum gas (LPG). Tokyo Gas has an agreement to participate alongside major partner TotalEnergies and the Australian subsidiaries of several other companies.
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