Kyuden announces establishment of Thai Binh LNG Power JSC in Vietnam

Kyuden International Corporation, part of the Kyuden Group, has recently announced the formation of Thai Binh LNG Power Joint Stock Company (TBLP JSC), in collaboration with Truong Thanh Viet Nam Group and Tokyo Gas Co., Ltd. This strategic initiative will focus on the feasibility study of the LNG to Power Project in Thai Binh province, Vietnam, aiming to initiate commercial operations by 2029.

Project Overview and Economic Impact

The project is set to include a floating storage & regasification unit (FSRU) and a 1.5 GW gas-fired power plant. It encompasses development, construction, and operation phases, with the goal of selling generated electricity to Vietnam Electricity, alongside managing LNG procurement. Notably, this marks Kyuden Group’s first overseas project that integrates the complete process of LNG procurement, regasification, and power generation. This initiative follows the Phu My III project in Ba Ria-Vung Tau province, reinforcing Kyuden Group’s commitment to addressing Vietnam’s power shortages, particularly in the northern region, due to rapid economic growth.

Addressing Energy Shortages and Carbon Neutrality Goals

Vietnam’s journey towards carbon neutrality underscores the increasing significance of gas-fired power plants as transitional power sources, replacing coal-fired alternatives. Kyuden Group’s involvement in this project aims to contribute to a stable power supply and the region’s decarbonization efforts.

Kyuden Group’s Vision for a Sustainable Future

Leveraging its advanced technological capabilities and extensive experience, Kyuden Group plans to prioritize investments in decarbonization initiatives, including renewable energy and transmission and distribution businesses. Moreover, the group is keen on promoting low-carbon solutions, like high-efficiency gas-fired power generation projects, aligning with the “Kyuden Group Carbon Neutral Vision 2050” to realize a low-carbon and sustainable society.

Kyuden International Corporation’s latest venture into Vietnam’s energy sector with the Thai Binh LNG Power Project exemplifies a significant stride in global energy transition efforts. By integrating the entire LNG value chain and focusing on high-efficiency, low-carbon power generation, Kyuden Group is not only addressing immediate energy needs but also paving the way for sustainable energy solutions. This project, in alignment with Vietnam’s growing demand and carbon neutrality ambitions, highlights the vital role of multinational collaborations in the global pursuit of a more sustainable and environmentally responsible future.