By Michael Dabaie

Exxon Mobil Corp. (XOM) said Wednesday it is advancing plans for a multi-billion dollar integrated gas-for-power development in central Vietnam.

Exxon said it is working with joint venture partners PetroVietnam and PetroVietnam Exploration Production Corp.

The company said it awarded the contract for front-end engineering and design, and is filing appropriate permits, planning applications and other preparatory work for the proposed development. If approved, Exxon will lead the construction and operation of the project, which would produce and treat natural gas from the offshore Ca Voi Xanh field.

A final investment decision, targeted in 2020, will be based on factors including regulatory approvals, government guarantees, executed gas sales agreements and economic competitiveness, Exxon said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 30, 2019 08:35 ET (13:35 GMT)

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