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.
- Related News
- Read More
Sweden’s Autoliv to operate northern Vietnam airbag cushion plant in Nov
Autoliv, Inc., a global leader in automotive safety systems, will put into operation its airbag cushion plant in the northern province of Quang Ninh in November, after two years of construction.
Industries - Wed, February 5, 2025 | 3:40 pm GMT+7
Bright prospects for maritime giant VIMC with Can Gio super port
Vietnam Maritime Corporation (VIMC) is poised for strong growth in 2025 following a highly successful 2024, driven by the government's in-principle approval of its Can Gio mega-port project in Ho Chi Minh City and a substantial increase in profits.
Companies - Wed, February 5, 2025 | 3:20 pm GMT+7
Cash flows into Vietnam stocks with compelling stories amid flat market
Despite the sluggish market, a series of stocks with compelling stories have continued to attract capital flows and seen their prices multiply in just the past few months.
Finance - Wed, February 5, 2025 | 2:18 pm GMT+7
American design-manufacturing firm Key Tronic to expand in Vietnam due to tariff
Key Tronic, a leading American design and manufacturing service provider, plans to “significantly” increase its production capacity in Arkansas (the United States) and Vietnam.
Industries - Wed, February 5, 2025 | 12:35 pm GMT+7
Central Vietnam province to select investors for $2.2 bln LNG-fired power plant in Q1
Vietnam’s central province of Nghe An plans to complete investor selection and grant an in-principle approval for the $2.2 billion Quynh Lap LNG-fired power plant later this quarter.
Energy - Wed, February 5, 2025 | 10:30 am GMT+7
Central Vietnam city gives 78,000 sqm of land for Korean firm Dentium’s $177 mln factory
The central city of Danang has leased more than 78,000 square meters of land in its High-Tech Park to ICT VINA Co., Ltd., a member of South Korean medical equipment manufacturer Dentium, for building a $177 million factory.
Industries - Wed, February 5, 2025 | 8:00 am GMT+7
Cai Mep the only Vietnamese port involved in Maersk, Hapag-Lloyd alliance
Cai Mep is the only Vietnamese port involved in the Gemini Cooperation alliance formed between two major shipping lines, Denmark-based Maersk and Germany's Hapag-Lloyd.
Economy - Tue, February 4, 2025 | 9:35 pm GMT+7
Thailand’s 2025 economic growth target at risk of slowing
Thailand's inflation is expected to reach 1.1% this year, aligning with the Bank of Thailand (BOT)’s target range of 1-3%.
Southeast Asia - Tue, February 4, 2025 | 8:00 pm GMT+7
Thailand to halve power supply to Myanmar’s two towns
Thailand will halve the power supply to two towns in Myanmar to pressure the neighboring country into cracking down on call-center gangs operating within its borders, according to Deputy Prime Minister and Defence Minister Phumtham Wechayachai.
Southeast Asia - Tue, February 4, 2025 | 7:56 pm GMT+7
IMF ranks Indonesia 8th in the world for PPP-based GDP in 2024
The IMF has placed Indonesia's GDP based on purchasing power parity (PPP) in 2024 at the 8th position in the world, with $4.98 trillion.
Southeast Asia - Tue, February 4, 2025 | 7:52 pm GMT+7
Vietnam Electricity receives 715 MW power plant from foreign investors as BOT contract ends
The 715 MW Phu My 2.2 gas-fired power plant, invested per the build-operate-transfer (BOT) format, was transferred to state utility Vietnam Electricity (EVN) on Tuesday.
Energy - Tue, February 4, 2025 | 4:59 pm GMT+7
Conglomerate Thaco launches host of major projects in central Vietnam
Vietnamese private conglomerate Thaco Group has inaugurated a series of major projects, further expanding its industrial ecosystem in the central province of Quang Nam.
Companies - Tue, February 4, 2025 | 4:30 pm GMT+7
Vietnam’s first LNG power plant to connect to national grid on Feb 5
Nhon Trach 3, part of Vietnam’s first LNG-fired power project Nhon Trach 3 & 4, is set to connect to the national grid on Wednesday, February 5, according to PV Power, the project investor.
Energy - Tue, February 4, 2025 | 4:05 pm GMT+7
E-commerce, a game changer for Vietnam textile manufacturers
E-commerce platforms have been a game changer for Vietnam’s textile and garment industry, said industry insiders and experts.
Southeast Asia - Tue, February 4, 2025 | 3:55 pm GMT+7
State giants EVN, PVN assigned to be nuclear power investors
Prime Minister Pham Minh Chinh has assigned state-owned groups Vietnam Electricity (EVN) and Petrovietnam (PVN) to be investors of Ninh Thuan 1 and 2 nuclear power plants respectively, requesting them to complete the project before December 31, 2030.
Energy - Tue, February 4, 2025 | 3:36 pm GMT+7
China’s Goertek seeks 25-hectare expansion in northern Vietnam
Chinese electronics giant Goertek is seeking permission to expand its production site in Vietnam’s northern province of Bac Ninh by 25 hectares.
Industries - Tue, February 4, 2025 | 1:18 pm GMT+7
