Marubeni, along with Petrovietnam Power Corporation, COLAVI JSC, and Tokyo Gas Co., Ltd., established Quang Ninh LNG Power JSC (hereinafter, “QNLP”) for a feasibility study and a project development of the LNG to Power Project (hereinafter, “this Project”) in Cam Pha District of Quang Ninh Province, Socialist Republic of Vietnam (hereinafter, “Vietnam”), after receiving an Investor Registration Certificate from the Vietnamese government on July 11, 2022.

QNLP will conduct a feasibility study for this Project, constructing, owning, and operating a combined cycle gas-fired power plant with a 1,500 MW generation capacity, which will be the largest of its kind in Vietnam, and an onshore LNG receiving, storage, and regasification facility for the Vietnam Electricity Group. QNLP will assess its economic and technical feasibility, and then aim to bring the business to full operation after shareholders make a final investment decision.

Vietnam, with its rising electricity demand due to its rapid economic growth, has high expectations for newly built large scale power plants with high efficiency.

Marubeni, in its Mid-Term Management Strategy (“GC 2024”), highlighted green strategy as one of its main policies to increase corporate value. As part of its green strategy, Marubeni has been taking part in LNG to power businesses, which contribute to the need for transitioning to a low-carbon society. Marubeni owns and operates power generation assets with a capacity of approximately 12 GW in 21 countries around the world, including Japan. Based on the knowledge and experience gained through these businesses, Marubeni will promote the development of this Project, as well as contribute to a sustainable economic growth for Vietnam.

 

Overview of QNLP:

Summary of Investor: