13 July 2012 | news Newsdesk
A new study funded by the Norwegian embassy in Vietnam shows that Liquefied natural gas could be a solution for the increasing demand of energy in Vietnam.
The study conducted by Det Norske Veritas (DNV) in Vietnam was entitled, ?Commercial and Strategic Opportunities for LNG in Vietnam?, and a seminar was recently organized by the Norwegian embassy in Ho Chi Minh City to present the results. The study shows that the use of LNG in Vietnam should be competitive with import of coal by 2020.
Vietnam is a growing economy. It has achieved the status as middle income country, and millions of people have been lifted out of poverty. Now, the demand for energy is increasing and is expected to increase significantly over the next decade.
Thus, diversifying its energy sources to improve the energy supply security and stability will be necessary. Combined with international pressure to reduce carbon gas emissions, and Vietnam?s own Green Growth Strategy, these are factors driving the need to use more natural gas in the form of liquefied natural gas (LNG).
The Ambassador of Norway, H.E. Staale T. Risa, hosted the event where the study was released. The event was also attended by Mr. Nguyen Nam Hai, Vice Minister of Industry and Trade, along with over 50 industry representatives.
The study identified the potential for LNG in Vietnam and possible opportunities for Norwegian companies in the LNG sector.
The potential for LNG in Vietnam is underexplored
LNG is an ideal fuel to meet the growing demand for cleaner power generation in Vietnam and it has significant environmental benefits. According to the study, the potential for gas/LNG applications in Vietnam is underexplored.
Key drivers for LNG in Vietnam include the lack of domestic gas resources to sustain the growth of gas usage, high cost of diesel backups and security of electricity supply, and high cost of coal imports.
LNG ? a competitive alternative to coal by 2020
According to Vietnam?s Power Development Master Plan VII, the energy demand in Vietnam will experience a near eight-fold increase by 2030 and most of this will be met by an increase in coal imports.
?A projected rise in international coal prices, due to an increase in production costs, suggests that the gap between coal and LNG prices should close by 2020, which means that LNG will be a cost-effective alternative to the planned coal import.
In addition, LNG is a more flexible energy source which can be used as fuel for ships and cars, and is also a far less polluting form of energy. LNG is a flexible and cleaner alternative to coal.
Source: http://www.scandasia.com/viewNews.php?news_id=10889&coun_code=no
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