ExxonMobil has received approval to build an LNG terminal and associated power plant at the Vietnamese port city of Haiphong, in the country’s north. The US$5.09 billion (€4.32 billion) project’s terminal will be capable of handling 6 million tonnes of LNG per year, and the fuel will probably to be imported mostly from the USA. The gas-fired power plant is due to be operational by 2026/7, with its initial 2.25 GW capacity doubling to 4.5 GW by 2029-30. The approval is part of a national push to vastly increase power generation within the country, with 22 gas projects being identified in a master plan developed by the Institute of Energy of Vietnam; at least one other gas-fired plant is to be built in Haiphong, with a capacity of 1.8 GW and a scheduled operational date of 2025, though it is unclear where the gas will be sourced from, if the ExxonMobil plant will not be firing before 2026.

Meanwhile, ExxonMobil has announced that it will cut 10% of its European workforce, around 1,600 jobs, in response to reduced oil demand as a result of the COVID-19 crisis.