PetroVietnam Gas, a unit of state-owned PetroVietnam, is looking to launch its new Thi Vai LNG import terminal in the fourth quarter of this year.
Following the commissioning phase, the onshore LNG receiving terminal at Thi Vai in the coastal area southeast of Ho Chi Minh City would start commercial operations in 2023, according to a statement by PV Gas.
PV Gas said last year it had planned to launch the facility and import the first LNG cargo in the third quarter of this year.
This facility in the Ba Ria-Vung Tau province will have a capacity of 1 mtpa in its first phase, while the company plans to boost the capacity to 3 mtpa in the next stage.
The government of Vietnam previously said that Vietnam would start importing LNG in 2022 in order to meet the country’s growing power demand.
PV Gas says it has signed eight LNG master sales and purchase agreements with suppliers from around the globe but it did not name the companies.
The firm said it continues to talk with other suppliers to secure LNG but said that the market is evolving in an “unfavorable” manner for buyers due to high prices.
South Korea’s Samsung C&T is building the Thi Vai LNG terminal. It also recently won an order from PetroVietnam Power, a unit of PetroVietnam, to build a new power plant that will get regasified LNG from this import facility.
The Nhon Trach 3 and 4 plants will have a total capacity of 1,500 MW.