Petrovietnam eyes $15bn energy project in Can Tho

The project was presented during a working session chaired by Tran Van Lau, chairman of the Can Tho People’s Committee, on Wednesday.

It is set to comprise logistics service, clean energy, green industry, and low-carbon industrial clusters.

In its initial phase, the project is expected to attract some $4 billion in investment by 2035, while the second phase running through 2050 will see the total investment rise to $15 billion.

According to Petrovietnam, the project could generate gross revenue of $2.3 billion by 2030 and $5.6 billion by 2050.

It is also projected to create tens of thousands of jobs and support labor restructuring in Can Tho and the Mekong Delta region.

The Vietnamese oil and gas giant proposed two primary locations for the project, including the O Mon area, already designated in the city’s master plan for the development of energy and high-tech industries, and the Nam (South) Hau River area.

The latter offers strategic advantages including proximity to renewable energy resources in the former Soc Trang Province, now part of Can Tho City, access to major transportation routes such as Lo Te - Rach Soi Expressway, National Highway 1, Can Tho International Airport, and a 20,000-tonne capacity inland waterway port.

Besides, the site is also near coal-fired plants, where green ammonia could potentially be consumed.

To facilitate the project's progress, Petrovietnam asked the city for revising and supplementing its urban planning, ensuring land availability, and investing in synchronized infrastructure outside the project’s boundaries.

The firm also proposed cooperation in vocational training to upskill the local workforce.

Chairman Lau threw his support behind the initiative, encouraging Petrovietnam to complete its feasibility study by mid-September for further review.

He emphasized the advantages of developing the project in areas already zoned for energy infrastructure, such as the O Mon and Hau River areas, for faster implementation.

He affirmed the city’s commitment to supporting the project throughout its development.