bungchop, in the link you provided S&P Global Platts say they received an email from Micah Hirschfield stating that DOE would need at least 2mtpa of LNG for the power plants initial startup.
I don’t know why there is always so much speculation and misinformation around this LNG, and this time the speculation is coming from Micah Hirschfield. I have been looking for information on this deal and Delta Offshore Energy (DOE) since the initial announcement. Nowhere have I seen that DOE would need (or take) more than 2mtpa, and reports on the proposed import terminal (FSRU) indicate it only has a capacity for 2mtpa.
Here’s a little more history on the people and companies involved and the proposed deal. In simple terms, the Bac Lieu province in South East Vietnam wants to build an integrated LNG to power project (replacing coal) made up of an offshore LNG import terminal (Floating Storage and Regasification Unit - FSRU) and 3,200W power plant, and the Vietnamese government has been looking for foreign investors to build the infrastructure. Originally the project had a MOU with Energy Capital Vietnam (ECV) but instead, they decided to build an LNG to power project elsewhere in Vietnam and teamed up with KOGAS.
The Bac Lieu project will cost $3.4 Billion to build, and DOE (which isn’t actually an energy company) wants to build, own and operate the project so my first question is where is the finance for this coming from?!
DOE’s co-founding Directors (and Partners) are:
Spencer Damian White
This Managing Director of DOE lists among his achievements: being co-founder of ‘Damian By Mischelle’ (a private jeweller in Vietnam where he undertakes commission work); and specialising in business consulting, special situations, analysing market opportunities, sourcing partners, setting up new businesses and financial re-engineering, and claims to have re-engineered, restructured and sold luxury businesses. He is also the managing partner of TWL Pacific, a business consulting, capital raising and financial engineering company in Vietnam.
Fresh out of Uni he had jobs including Fund Manager, Fund Manager, Chief Asian Strategist, CEO, Managing Partner, Partner, Co-Founder, Managing Partner, Partner (all of various businesses) and now Managing Director of DOE. He lists his previous job roles as investing in small caps, emerging markets, listed and unlisted companies; he’s led teams, built product, consulted with clients, pontificated on TV, wrote for a myriad of publications, did radio interviews on the fly and ran conferences. He then left a full time CEO role at a start up investment bank in Vietnam to focus on a private consulting partnership dedicated to capital creation deployment and structuring.
Following that he began undertaking commission work at ‘Damian By Mischelle’ before being the managing partner at TWL, followed by providing a comprehensive suite of “Private Client Services” in Saigon, and finally starting DOE in November 2017. He says he has offices in Singapore, Hanoi and Houston.
Ian Nguyen
Ian says he specialises in Capital Raising and lists among his achievements advising start ups on commercial space technology, environment, clean energy, rare earth applications and digital and food security. Before that he was involved in sales and trading for cash equity and fixed income, currencies and commodities and corporate finance. And he ‘liked’ the S&P Global Platts article you posted today bungchop!
Bobby Quintos
The third Managing Director of DOE, Bobby has been with DOE for just one year and appears to be the only director in DOE with experience in the energy sector. DOE say Bobby founded the Argo Group (which was established in 2004) yet his CV shows he has only been there since September 2016.
The Argo Group’s web site has a page telling you that they have access to international financiers and private equity and they say that they are a co-founder of DOE. They also say Argo is providing the end to end solutions to the Bac Lieu LNG to power project.
Perhaps some more questions here for GV
LNG Price at posting:
18.5¢ Sentiment: None Disclosure: Held
