Excelerate Energy aims to deploy LNG floating storage technology in Vietnam

The United States-based LNG business Excelerate Energy is seeking to deploy its floating storage regasification unit (FSRU) technology in Vietnam.

A delegation of the American company, led by vice president of government relations and public affairs Derek Wong, made the suggestion at a Monday meeting with Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long.

Excelerate Energy has already deployed such technologies in Argentina, Bangladesh, Finland, the UAE, Brazil, and Pakistan. In Vietnam, the firm is collaborating with state-run Petrovietnam and its arms PV Gas and PTSC to study the deployment of FSRU technology, amid the depleting gas fields in Vietnam, the delegation said.

In reply, Deputy Minister Long said the ministry will support Excelerate Energy’s cooperation with Vietnamese firms. The technology can help reduce the cost of LNG-fired power in Vietnam, in line with Vietnam’s stronger deployment of LNG-fired power in the future.

Last weekend, in Washington D.C., PV Gas signed MoUs with ConocoPhillips and Excelerate Energy on long-term LNG purchase agreements. Excelerate Energy and PV Gas will collaborate on a plan to secure reliable and stable LNG supply sourced from the United States as early as 2026.

Under the agreement, the two parties will also evaluate PV Gas’s LNG supply requirements and define a joint strategic framework through which Excelerate and PV Gas can execute LNG sourcing, according to the American side.