Company secures five gas-fired power projects worth about $2.8 billion this year
Doosan Enerbility is expanding its presence in Vietnam’s gas-fired power market, securing another major project at the O Mon power complex following last year’s contract for the O Mon 4 plant.
Doosan Enerbility said Wednesday it has signed an approximately 840 billion won ($610 million) contract with Vietnam’s state-owned energy group PetroVietnam (PVN) to build the O Mon 3 combined-cycle gas turbine power plant.
Under the contract, Doosan Enerbility will form a consortium with PTSC, an energy services company and subsidiary of PVN, to carry out the project on an engineering, procurement and construction (EPC) basis. The company will also supply the plant’s key steam turbine equipment.
The project marks the first time Doosan Enerbility’s steam turbine will be installed at a gas-fired power plant in Vietnam. The company will therefore handle both EPC work and the supply of major power-generation equipment, broadening its role in the local power market.
The O Mon 3 plant will be built within the same power complex as the O Mon 4 plant, which Doosan Enerbility won last year. Located about 180 kilometers southwest of Ho Chi Minh City, the plant will have a total generation capacity of 1,155 megawatts and is scheduled for completion in 2030.
The O Mon 3 and O Mon 4 projects are key components of Vietnam’s efforts to expand power generation in its southern region. The projects are expected to contribute to stabilizing electricity supplies as power demand continues to rise.
Doosan Enerbility’s consecutive wins at the O Mon complex are also drawing attention from the industry because they demonstrate the company’s ability to convert an existing project track record into follow-up orders.
The company has worked with different local partners on the two projects, partnering with PECC2 for O Mon 4 and PTSC for O Mon 3. Industry observers say such local partnerships and accumulated project experience could provide a foundation for pursuing additional power-generation projects in Vietnam.
Vietnam is expected to remain a key market for gas-fired power generation as the country seeks to expand its power infrastructure to meet growing electricity demand. Doosan Enerbility plans to leverage its experience from the O Mon 3 and O Mon 4 projects to pursue additional gas-fired power projects not only in the southern O Mon complex but also in northern and central Vietnam.
The latest contract is part of Doosan Enerbility’s broader push to expand its gas-fired power business overseas.
In June, the company won contracts worth approximately 840 billion won for the second phase of the Jafurah cogeneration power plant in Saudi Arabia and approximately 530 billion won for the construction of the Duqm combined-cycle gas power plant in Oman.
In August, it secured another contract worth about 930 billion won for the construction of the Misfah combined-cycle gas power plant in Oman. Last month, it also signed a contract for the construction of the Hadong combined-cycle power plant in South Korea.
Including the O Mon 3 project, Doosan Enerbility has secured five domestic and overseas gas-fired power plant construction projects this year, with a combined value of approximately 3.87 trillion won.
The company has increasingly combined EPC capabilities with the supply of core power-generation equipment in its recent projects. This approach allows Doosan Enerbility to leverage its expertise in gas turbines, steam turbines and other power-generation equipment alongside its plant construction capabilities.
Industry observers say securing large-scale project references in Southeast Asia and the Middle East could strengthen Doosan Enerbility’s position in subsequent bidding opportunities, particularly in markets where electricity demand and investment in power infrastructure are increasing simultaneously.
“By securing the O Mon 3 project following O Mon 4 last year, we have once again demonstrated our competitiveness in Vietnam’s combined-cycle gas power market,” said Lee Sung-yeol, head of Plant EPC Sales at Doosan Enerbility. “PVN is planning additional combined-cycle gas power projects in the southern O Mon complex as well as central and northern Vietnam. Based on the successful execution of the O Mon 3 and O Mon 4 projects, we will actively pursue further orders in Vietnam’s power market.”
Doosan Enerbility plans to use its growing portfolio of gas-fired power projects as a foundation for expanding its presence in Vietnam, the Middle East and other overseas power markets.
