Akin Gump Advises Energy Capital Vietnam in MOU with Korea Gas Corporation
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(Dallas) – Korea Gas Corporation (KOGAS) and Energy Capital Vietnam (ECV) have entered into a Memorandum of Understanding (MOU) that provides the framework for the development of a privately funded liquefied natural gas (LNG) regasification terminal, storage, gas supply system and 3,200 MW gas-fired power project in Mui Ke Ga, Binh Thuan Province, Vietnam. A team from Akin Gump advised ECV in this matter.
ECV is a leading Vietnam-focused project development and asset management company that has been in discussions with the Vietnamese government regarding energy sector privatization since 2015.
The MOU contemplates KOGAS and ECV working together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam. The scope of the MOU covers matters relating to cooperation and collaboration for the Project.
Commenting on the MOU, David Lewis, CEO of ECV, said KOGAS’ strong presence in the LNG business, together with ECV’s position as one of the first movers in LNG in Vietnam, would allow both companies to leverage each other’s strengths to bring low-cost LNG to Vietnam, and help Vietnam with energy security to address critical power needs.
The Akin Gump team was led by energy partner Gabe Procaccini in Houston. He was assisted by tax partners Ron Nardini in New York and Alison Chen in Houston, and energy partner Paul Greening in Singapore and counsel Andres Chaves and associate Dimitri Tagaropulos in Houston.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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