Vietnam's BB Group and the US' Quantum Group to invest $5.5 billion in Quang Tri

Friday - 29/04/2022 04:41
On April 25, 2022, People's Committee of Quang Tri Province held the Signing Ceremony of Investment Cooperation Agreement for the period of 2022 – 2025 and orientation to 2030 with BB Group (Vietnam) and Quantum Group (USA).

On behalf of Quang Tri, the delegations attending the ceremony consisted of Mr. Le Quang Tung - Secretary of the Provincial Party Committee, Mr. Vo Van Hung - Deputy Secretary of the Provincial Party Committee, Chairman of Quang Tri PPC, the members of the Standing Committee of the Provincial Party Committee, the Vice Chairmen of the Provincial People's Committee and representatives of leaders of the provincial departments, committees, branches and Hai Lang district. Quantum Group’s Chairman Arun Savkur and BB Group’s Chairman Vu Quang Bao also attended the signing ceremony.
Quantum Group’s Chairman Arun Savkur at the signing ceremony (Photo: Hoai An)

According to the agreement signed by the two corporations and Quang Tri PPC, Viet Nam’s BB Group and the US’ Quantum Group will jointly develop a gas industry centre and a seaport in the central province of Quang Tri. Both projects will be located in the Quảng Trị Southeast Economic Zone.

The 140-ha gas industry centre will be built from 2022 to 2030 with total investment of US$5 billion. It will include a natural-gas processing plant, a liquefied natural gas plant, and onshore gas and floating gas storage facilities.
The 275-ha seaport will cost about $500 million. It will be capable of accommodating ships of up to 180,000 tonnes, and is planned for completion by 2025.

Quang Tri PPC signed the investment cooperation agreement with Vietnam's BB Group and the US' Quantum Group (Photo: Hoai An)

At the signing ceremony, Quantum Group’s Chairman Arun Savkur and BB Group’s Chairman Vu Quang Bao introduced some highlight information about these two corporations and affirmed the determination to implement the investment project to build the gas industry centre and seaport, in which priority is given to investment in economic development associated with environmental protection, ensuring social security and improving the quality of life of the people of Quang Tri.
Mr. Vo Van Hung - Chairman of Quang Tri PPC emphasized that Quang Tri is a developing province with many favorable conditions to become the energy center of the Central region, along with that, the Province is focusing on developing the urban, construction, industry, commerce and services.
The provincal authorities highly appreciated the efforts and determination of Quantum and BB group, and hope that the investors will fulfill their commitments. On the provincial side, Quang Tri agreed to sign the cooperation agreement and assure relevant departments, branches and localities to actively coordinate and accompany investors to complete the procedures in accordance with regulations, early deploy the project./.


Author: Phan Hoài An

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