Petrovietnam Technical Services Corp (PTSC) has been appointed the engineering, procurement and construction (EPC) contractor for PV Gas's Thi Vai liquefied petroleum gas (LPG) tank project.
The deal was signed between PTSC and the project investor PV Gas, also a subsidiary of Petrovietnam, on Wednesday. The project, featuring three 2,000-ton LPG tanks, is scheduled to complete in 18 months and can improve the efficiency of LPG storage at the Thi Vai LPG terminal.
The Thi Vai LPG terminal in the southern coastal province of Ba Ria-Vung Tau is a key factor in the continuous operation of Bach Ho and Nam Con Son gas pipelines, accounting for 50% of LPG warehousing in Vietnam and helping ensure national energy security and LPG market stability.
The facility, also the biggest LPG and condensate warehouse in Vietnam, began operation in 2000. Its main tasks are to store, import, and export LPG and condensate of Dinh Co Gas Processing Plant (Dinh Co GPP); condensate of Nam Con Son gas plant; and imported LPG for ships and tanker trucks for delivery to customers.
PV Gas's LPG output hit over 2 million tons in 2022, equaling 118% of the plan, equivalent to 2021 and fulfilling the target two months ahead of schedule.
In line with the growth of the gas sector, PV Gas is building a one-million-ton Thi Vai liquefied natural gas (LNG) terminal, eyeing trial run and commercial operation in 2023.
Vietnam's LPG output reached 876,800 tons in 2022, including 111,900 tons in December, up 4.2% and 65.2% year-on-year, respectively, according to the General Statistics Office (GSO). Also per the GSO report, the country spent $1.62 billion on importing 2.09 million tons of LPG last year, up 18.3% and 5.9% in value.