AG&P LNG to start operating southern Vietnam LNG terminal in Sept
Singapore-headquartered AG&P LNG, a subsidiary of the U.S.-based Nebula Energy, plans to start commissioning the Cai Mep LNG terminal in Vietnam’s southern province of Ba Ria-Vung Tau in September.
Karthik Sathyamoorthy, CEO of AG&P LNG, speaks at an event in Ba Ria-Vung Tau province, southern Vietnam, May 8, 2024. Photo courtesy of AG&P.
The move is the firm’s next step after the acquisition of a 49% stake in the terminal in March through an agreement with local firm Hai Linh Company Limited, also the developer of the Cai Mep LNG terminal.
Since the acquisition, AG&P LNG has six additional executed letters of intent with six more demand aggregators for downstream LNG distribution, AG&P LNG said in a statement on Wednesday.
The terminal is connected to the nearby Phu My Industrial Zone in Ba Ria-Vung Tau province and has pipeline connectivity to Vietnam’s largest power generation complex, Phu My, which has gas-fired capacity of 3.9 GW.
The terminal, with 22 hectares of storage for LNG, has an initial capacity of three million tons per annum (MTPA) and could double the figure, AG&P LNG said.
It is currently one of two existing LNG terminals in Vietnam. The other, currently the only operational facility, is the LNG Thi Vai terminal operated by PV Gas, also in Ba Ria-Vung Tau province.
At the event, CEO Karthik Sathyamoorthy said, AG&P LNG in March signed its first definitive agreement for one MTPA offtake with Hiep Phuoc power plant, which is being constructed by Hai Linh Company Limited.
The power plant is set to start electricity generation in September-October 2025, the executive added.
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