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    Jaks, T&T Group sign Vietnam gas power MoU

Summary

The companies plan to explore collaboration possibilities to develop the 1.5 GW Quang Ninh 2 gas-to-power project in Quang Ninh province.

by: Shardul Sharma

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Jaks, T&T Group sign Vietnam gas power MoU

Malaysian infrastructure company Jaks Resources has inked a memorandum of understanding (MoU) with Vietnam’s T&T Group to explore collaboration possibilities to develop the 1.5 GW Quang Ninh 2 gas-to-power project in Quang Ninh province, Vietnam, it said on September 13.

According to the MoU, the companies will mutually agree on a common approach in relation to the implementation of the project, which includes the location, design, technology and infrastructure involved for the import terminal and the power plant, and the selection of LNG and gas-fired power solutions suppliers.

Separately, T&T Group will be responsible for all legal matters pertaining to the project. Jaks, on the other hand, shall be the strategic investor and will be responsible for the engineering, construction and commission process by facilitating the project’s design, engineering, construction and operations.

“The MoU, which was signed on 11 September 2021 at the embassy of Vietnam in Helsinki, Finland demonstrates the common vision of both parties to address Vietnam’s increasing domestic electricity demand, increasing gas demand for gas-fired generation plus the required importation of LNG into Vietnam,” Jaks said. 

Vietnam is moving away from its reliance on diesel in the fast-growing electricity sector in favour of renewable energy and gas.