A view of the Mong Duong thermal power plant in Cam Pha City, Quang Ninh Province. The province is calling for investment in an LNG-fired power plant with a total cost of US$2 billion - PHOTO: LDO

HCMC - The northern province of Quang Ninh is calling for investment in a liquefied natural gas (LNG)-fired power plant project in Cam Pha City, with total capital of VND47.5 trillion, or some US$2 billion.

The plant project is set to be located in Bai Tu Long Bay in Cam Thanh Ward and have a capacity of 1,500 megawatts, according to the provincial government.

Some 55.9 hectares in the ward have been planned for the construction of the project, with over 42 hectares of land and 13.4 hectares of water surface, the local media reported.

The preparations for developing the plant project will be completed in the second quarter of 2022, while the LNG-fired power plant will be put into operation in the third quarter of 2027 and will operate for 50 years.

To invest in the project, investors must meet requirements on financial capacity and experience, said the Quang Ninh government.

Besides, investors must commit to not requiring a guarantee for power purchase agreements and must negotiate with the Vietnam Electricity Group for the purchase of power on their own instead.

Furthermore, investors will have to apply advanced technology to the project and implement the project on schedule.

Investors must also commit to not selling or transferring the project during its construction period.