South Korea’s Samsung C&T and Vietnamese contractor Lilama have officially signed a deal with PetroVietnam Power, a unit of PetroVietnam, to build two new power plants that will run on LNG.
Samsung C&T said last month that the consortium won the contract to build the Nhon Trach 3 and 4 combined cycle power plant plants with a combined capacity of 1,500 megawatts.
The firm said then that the contract was worth about $835 million, of which Samsung C&T would receive $510 million and lead the project.
Lilama said in a statement on Monday that the partners and PetroVietnam Power had signed the EPC deal for the two plants during a ceremony in Vietnam.
According to, Lilama the contract has a price tag of about $940 million while the entire project is worth $1.4 billion.
Nhon Trach 3 and Nhon Trach 4 would use GE gas turbines and should start commercial power generation between 2024 and 2025, the firm said.
Thes power plants will get regasified LNG from the Thi Vai LNG terminal in the coastal area southeast of Ho Chi Minh City, also built by Samsung C&T.
PetroVietnam Gas, a unit of state-owned PetroVietnam, recently said it aims to launch its new Thi Vai LNG import terminal, the country’s first such facility, in the fourth quarter of this year.
Following the commissioning phase, the onshore LNG receiving terminal at Thi Vai in the coastal area southeast of Ho Chi Minh City would start commercial operations in 2023.
This facility in the Ba Ria-Vung Tau province will have a capacity of 1 mtpa in its first phase, while the company plans to boost the capacity to 3 mtpa in the next stage.
