PetroVietnam Gas to invest $3 billion over next five years

The company announced the investment of more than 78 trillion Vietnamese dong ($3 billion) in a statement on May 31 following its annual general meeting of shareholders.

PV Gas did not provide further details regarding the LNG investment.

However, the company said earlier this year that it expects to award the EPC deal for the capacity expansion of its Thi Vai LNG import terminal later in 2025.

South Korea’s Samsung C&T and PTSC, a unit of PV Gas, built the Thi Vai LNG terminal in the coastal area southeast of Ho Chi Minh City.

Launched in 2023, Vietnam’s first LNG import facility currently has a capacity of 1 mtpa, and it consists of one 180,000-cbm LNG tank, a jetty, and a regas area.

The expansion will triple the capacity to 3 mtpa.

PV Gas also revealed in March that it plans to deploy a floating storage and regasification unit in Vietnam next year, adding to its Thi Vai LNG import terminal.

In the period of 2026-2029, PV Gas plans to deploy an FSRU at its Vung Tau port.

According to PV Gas, this FSRU will have a storage capacity of 135,000 – 174,000 cbm of LNG and a regasification capacity of up to 14 million Sm3/day, bringing the total regasification capacity of the entire system to about 22 million Sm3/day.

Besides these projects, PV Gas plans to develop the 3.6 mtpa Son My LNG terminal in Binh Thuan.