The group will spend US$3.8 billion on the project.
The group's leaders said at a meeting with the provincial People's Committee last week that the gas processing plant would be built on 1,000ha in Tam Quang Commune in Nui Thanh District, 90km south of Da Nang City.
As per the plan, the plant will receive 10 billion cubic metres of natural gas from the Ca Voi Xanh (Blue Whale) offshore natural gas field, 100km off Quang Nam Province, annually.
The construction of the plant is scheduled to begin in 2017 and it will become operational in 2023.
ExxonMobil in Viet Nam has been working with PetroVietnam and Vietnamese government agencies and businesses to evaluate the feasibility of developing the natural gas field.
It's expected that the central province and PetroVN will sign a comprehensive co-operation agreement on the development of a natural gas processing plant and thermal power plants next year.