PV Gas, PV Power join hands to build LNG port, power plant
PV Gas and PV Power, subsidiaries of state-run energy giant Petrovietnam, have discussed joining hands to build a liquefied natural gas (LNG) port and LNG-fired power plant in central Vietnam.
The two sides will coordinate efforts to secure approval from authorities for this initiative, executives of both firms said at a meeting last week.
Nguyen Thanh Binh (standing), chairman of PV Gas, speaks at a meeting with executives of PV Power, at PV Gas's headquarters in Ho Chi Minh City, February 29, 2024. Photo courtesy of PV Gas.
PV Gas provided 1.6 billion cubic meters of gas in 2023 to PV Power’s Nhon Trach 1 and 2 power plants in the southern province of Dong Nai. It transports gas for two other power plants, Ca Mau 1 and 2, in the southernmost province of Ca Mau.
The two firms have agreed to sign a contract soon on supplying LNG for the Nhon Trach 1 plant.
To prepare for the trial runs of the Nhon Trach 3 and 4 LNG-fed power plants, they discussed the content of long-term LNG supply contracts.
Nhon Trach 3 and 4, the first LNG-to-power plants in Vietnam under construction, are set to begin commercial operations in November 2024 and May 2025, respectively.
PV Gas took delivery of a LNG batch of 70,000 tons, the first in Vietnam, in July last year. In January this year, it signed a framework contract with the owners of the Nam Du-U Minh field to buy gas from the fourth quarter of 2026.
At their latest meeting, PV Gas and PV Power reached a consensus on supplying gas produced from the field and others in the region for the Ca Mau 1 and 2 plants.
PV Gas, listed on the Ho Chi Minh Stock Exchange as GAS, closed Tuesday’s session up 1.54% at VND79,000 ($3.2) per share. Meanwhile, PV Power, coded POW on the same bourse, closed flat at VND11,850 ($0.48) per share.
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