Delta Offshore Energy Updates State President Nguyen Xuan Phuc on the 3200MW Bac Lieu LNG-to-Power Project Progress at the 76th UN General Assembly
Delta Offshore Energy (“DOE”) and its world-class consortium partners in the 3200 MW Bac Lieu LNG-to-Power Project (“the Project”) have had an in-person meeting with H.E. Mr. Nguyen Xuan Phuc, State President of Vietnam in New York, US to update the Project progress and call for the President’s continued advocacy to soon complete the preparation phase.
On September 22, 2021, DOE Managing Director Bobby Quintos and head of the delegation, Bac Lieu LNG Power General Director Canh Do, DOE Director of US Government Advocacy Miriam Martinez, and some C-suite executives from the world-class consortium partners, including JPMorgan Chase & Co., Macquarie Group, US Engineering, and Construction company Bechtel, international legal firm Hogan Lovells, etc., met with State President Nguyen Xuan Phuc, Minister of Industry and Trade Nguyen Hong Dien, Minister of Planning and Investment Nguyen Chi Dung of Vietnam during the President’s trip.
On behalf of DOE and partner companies, Mr. Do Ba Canh, General Director of Bac Lieu LNG Power Company Ltd. reported to President Phuc the current Project progress. “Despite the complicated development of COVID-19, we have made every effort to prepare necessary legal procedures for the Project implementation. So far, DOE together with the consortium partners has completed 95% of all legal requirements,” he said.
DOE also sought the President’s support in accelerating pending matters during the negotiation of the Power Purchase Agreement (PPA), related to the approval including “State assurances for project implementation” as stipulated by the laws of Vietnam, to satisfy requirements of international loan financing standards. DOE and the consortium partners affirmed that they are ready and eager to begin the construction of the Project in Bac Lieu.
In response to the investors’ opinions, the President welcomed the Bac Lieu LNG-to-power Project, indicating that it has been carefully prepared. “Vietnam’s Government and National Assembly have received reports about the Project many times. This is a very important project in the Mekong Delta region with a total investment of over 4 billion USD and a capacity of over 3000 MW,” said the President.
The President acknowledged the consortium’s financial capability and the 11 outstanding issues presented by the investor. He reiterated Vietnam’s policy is to create the most favorable conditions to ensure the success of the project in accordance with the laws and international practices. The President asked Minister Nguyen Hong Dien of the Ministry of Industry and Trade to oversee the Buyer and the Purchaser negotiations of the power tariff, ensuring interests of both sides are protected, and report any difficulties to the Government for resolutions and provide timely feedback to the investors.
On behalf of DOE and partner companies, Co-Founder Mr. Bobby Quintos expressed his deepest gratitude to President Nguyen Xuan Phuc, and Ministers and related agencies for their support for the project since the beginning in 2018. “Despite the difficulties of this COVID environment, the DOE team and Vietnamese Government were able to execute a meeting with President Phuc during his attendance of the 76th UNGA in New York. This shows great support from the Vietnamese Government for our project and unwavering dedication from the DOE consortium,” said Bobby Quintos.
Though not being able to be present in the meeting due to the COVID-19 pandemic, Mr. Ian Nguyen, Co-founder, and Managing Director of DOE also sent his thanks to the State President and Vietnam’s Government leaders:
“We are grateful and encouraged that the President and the Vietnam government economic team leaders were able to arrange a time to meet the US-based consortium members and confirm broad-based support amongst Vietnam’s political system for the project. Vietnam will soon normalize from the pandemic which will lead to a recovery in economic activity that will need affordable, reliable and clean energy to fuel this growth.”
About Delta Offshore Energy PTE
Delta Offshore Energy PTE (“DOE”) is a company focused on the origination and development of clean energy.
Currently, the most prominent project of DOE is the 3200 MW Bac Lieu LNG-to-Power project which was included in Vietnam’s National Power Development Plan 7 revised (“PDP7R”). DOE received the Investment Registration Certificate in Vietnam in January 2020. The project is the first domestic LNG-to-Power project that is 100% private-funded under the IPP regime in Vietnam.
In June 2021, DOE established Bac Lieu LNG Power Company Limited and appointed Mr. Do Ba Canh as the legal representative and General Manager of the Company. Bac Lieu LNG Power Company Limited was registered at the Bac Lieu Department of Planning and Investment with the business code of 1900677981 issued on June 11, 2021. This is an economic entity set up by DOE to directly execute all related contracts, permits, and approvals and to implement the Project in accordance with the laws of Vietnam.
For more information, please visit: deltaoffshoreenergy.com
Ms. Miriam Quintos
Director of Communications & US Government Advocacy
Mobile number: +1-956-330-0038