Petrovietnam asks PV Gas to triple LNG Thi Vai terminal to 3 mln tons
Petrovietnam has asked its subsidiary PV Gas to triple the annual capacity of LNG Thi Vai terminal to three million tons, in order to ensure sustainable development.
Petrovietnam chairman Le Manh Hung made the statement at a recent working session with PV Gas, Petrovietnam reported Wednesday.
Petrovietnam chairman Le Manh Hung (center) and PV Gas CEO Pham Van Phong (standing) at a working session in Ba Ria-Vung Tau province, southern Vietnam on February 3, 2025. Photo courtesy of Petrovietnam.
In response, PV Gas CEO Pham Van Phong said the firm has “basically” completed the preparations for the expansion and is ready to sign an engineering, procurement, and construction (EPC) contract for the move in late 2025.
PV Gas is also preparing to utilize all of its facilities to increase the output of Thi Vai terminal to 7.7 million cubic meters a day, in order to serve power factories and households.
The company is also studying to invest in a floating LNG storage facility to enlarge the LNG supply to 22-23 million cubic meters a day for the southeastern region, Phong added.
PV Gas, listed on the Ho Chi Minh Stock Exchange (HoSE) as GAS, earned a post-tax profit of VND10,143 billion ($403.6 million) on a revenue of VND99,402 billion in 2024, down 12.2% and up 14.6% year-on-year, respectively, according to the firm’s financial statements.
In October 2023, PV Gas inaugurated its $300 million LNG Thi Vai terminal with an annual capacity of one million tons, the first and biggest such facility in Vietnam so far.
The facility in the southern coastal province of Ba Ria-Vung Tau has a 180,000 cubic meter tank. It is also capable of accommodating ships of up to 100,000 deadweight tonnages, delivering LNG via road in tankers and connecting with the LNG Thi Vai-Phu My pipepline.
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