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Vietnam picks Tokyo Gas and Marubeni for $2bn LNG power plant

Deal covers everything from procurement to generation

An artist's rendering of an LNG plant under development in Indonesia by Marubeni and Sojitz.

TOKYO -- Japanese utility Tokyo Gas and trading house Marubeni will build a liquefied natural gas-fired power plant in Vietnam, betting on the emerging economy's growing appetite for an energy source cleaner than coal.

The Japanese companies have signed a memorandum of understanding with Petrovietnam Power -- a member of state-run Vietnam Oil and Gas Group, known as Petrovietnam --and a local construction company for the project with an estimated total investment of 200 billion yen ($1.93 billion).

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