The PetroVietnam Power Corporation (PV Power), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), has completed plans for the construction of four liquefied natural gas (LNG)-fired power plants.

A worker in Bach Ho oilfield

According to information presented at the company’s annual general meeting of shareholders on June 12, the four projects are the Nhon Trach 3, Nhon Trach 4, Mien Trung 1, and Mien Trung 2 thermal power plants, which will be equipped with mixed-flow gas turbine technology and use LNG.

Nhon Trach 3 and Nhon Trach 4 have a capacity of 1,500MW each and are located at the Ong Keo Industrial Park in the southern province of Dong Nai’s Nhon Trach district. They are projected to meet rising power demand in Ho Chi Minh City and Dong Nai and Ba Ria-Vung Tau provinces.

Located at the Chu Lai Industrial Zone in the central province of Quang Nam’s Nui Thanh district, Mien Trung 1 and 2 are both expected to have a capacity of 750MW each, with each consuming about 820 million cubic metres of fuel per year.

PV Power aims to generate 21.6 billion kWh of electricity this year and earn over VND35.4 trillion (US$1.52 billion), with pre-tax profit to surpass VND2.39 trillion.

The meeting heard that despite facing difficulties due to the COVID-19 pandemic in the early months of this year, PetroVietnam’s electricity output reached 9 billion kWh between January and May, representing 41.9% of the target set for this year. Revenue exceeded VND12.9 trillion in the period, or 38.4% of the annual target.

Chairman of PV Power’s board of directors Ho Cong Ky said the company prioritises capitalising on its internal strengths, utilising other resources, and boosting international cooperation in order to become a trustworthy brand in Vietnam and in the region.

In the time to come, he went on, PV Power will continue its safe and efficient operation of coal-fired and gas-fired power plants and hydropower plants. It will also step up investment in new projects using clean energies, such as solar power and LNG, given domestic fossil fuels are becoming increasingly exhausted and the potential of hydropower development declining.

PV Power has supplied 200 billion kWh to the national grid since it began operation 13 years ago, confirming its position as the leading power supplier in the country.

It currently operates seven power plants around the country with a combined capacity of 4,205MW. In recent years it has generated over 21 billion kWh for the national grid annually.

Apart from power projects using fuel from the Ca Voi Xanh (Blue Whale) field, PV Power is also focusing on developing thermal power plants using imported LNG, along with renewable energy projects.

Coded POW, the company’s shares became one of the 30 largest stocks by market value and trading liquidity on the Ho Chi Minh Stock Exchange (HoSE) early this year. It was named among the top 50 best listed companies in the country last year by Forbes Vietnam magazine.