ExxonMobil Group (USA) seeks investment opportunities in Van Phong

Working scene.

At the meeting, the leaders of the Provincial Economic Zone and Industrial Zone Management Board specifically introduced the potentials, strengths, investment incentives, versatility and rich industrial and service ecosystem of Van Phong Economic Zone to investors. At the same time, they took the leaders of ExxonMobil Group to conduct a field survey at Nam Van Phong Port, Van Phong Bonded Petroleum Warehouse and Ninh Tinh village, Dong Ninh Hoa ward so that investors could have an overview and orientation for the fields that need investment.

Leaders of the Provincial Economic Zone and Industrial Park Management Board presented souvenirs to leaders of ExxonMobil Group.

ExxonMobil Corporation, founded in 1999, is one of the largest oil and gas companies in the world with 37 refineries in 21 countries and more than 72,000 employees worldwide. In 2024, the corporation's revenue will reach approximately 344.6 billion USD.

In Vietnam, since 2008, ExxonMobil has been conducting oil and gas exploration activities. ExxonMobil is cooperating with the Vietnam National Energy Corporation (PVN) and the Oil and Gas Exploration and Production Corporation (PVEP) to implement a series of gas-power projects in Central Vietnam to exploit and process gas from the Blue Whale field and supply natural gas to power plants with a total capacity of 3.0 GW in the Central region, but the project has not yet been implemented. In addition, ExxonMobil has cooperated with Jera and VinaCapital to research and develop a $5.09 billion LNG power plant in Hai Phong with a capacity of 4,500 MW2.

ExxonMobil Group proposed a working session and survey of Van Phong Economic Zone to seek investment opportunities for a modern oil refinery project (expected to be ExxonMobil's first near-zero emission plant); total investment capital is about 10 billion USD. Currently, in addition to Vietnam, ExxonMobil is still in the process of surveying 2 other potential locations in the Asia-Pacific region. The enterprise is expected to complete the survey in 2027, start construction and carry out licensing procedures in 2031, and by 2035 the petrochemical plant is expected to begin operations.

Mr. Tran Minh Chien - Head of the Provincial Economic Zone and Industrial Zone Management Board said that in recent times, the Management Board and representatives of ExxonMobil Group have regularly exchanged information. In order to create conditions for ExxonMobil Group to have a comprehensive view of the investment and construction situation in Khanh Hoa province, the Management Board proposed that the leaders of the Provincial People's Committee, relevant departments and branches grasp and receive the proposed ideas of investors and direct key tasks for units and localities in the coming time. The Management Board will coordinate with departments, branches and ExxonMobil Group to best prepare the contents that investors need to create conditions for the group to learn about investment in Khanh Hoa.

DINH LAM