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Excelerate CEO Steven Kobos recently visited Vietnam, where he met with Vietnamese Prime Minister Pham Minh Chinh, as well as with officials from state-owned PetroVietnam and its unit, PetroVietnam Gas.
Kobos said in a social media post on Monday that he met Chinh at the end of May.
“We had an excellent discussion about US LNG as a reliable and cost-effective solution for growing demand in Vietnam and the ASEAN region,” he said.
In a separate statement, PetroVietnam said that Le Manh Hung, chairman of the company’s board, met with Kobos to discuss “accelerating LNG cooperation between the two sides.”
PetroVietnam said that the two companies reviewed the progress of the previously announced LNG import memorandum, reaffirmed their commitment to expanding clean energy supply, including LNG, and discussed supportive mechanisms for overcoming regulatory and market challenges.
In March, PV Gas and Excelerate signed a memorandum of understanding on importing LNG from the US, signaling a “new phase in Vietnam’s energy diversification strategy.”
Under the agreement, the two parties will also evaluate PV Gas’ LNG supply requirements and define a joint strategic framework through which Excelerate and PV Gas can execute LNG sourcing.
“This partnership reflects PetroVietnam’s strategic pivot toward clean, secure, and sustainable energy, with LNG playing a central role in the nation’s transition roadmap,” PetroVietnam said.
PV Gas investing in LNG
PV Gas just announced that it plans to invest more than 78 trillion Vietnamese dong ($3 billion) over the next five years, including in LNG infrastructure.
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.
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.
Excelerate building LNG supply business
In September last year, Excelerate and PetroVietnam Technical Services Corporation (PTSC), a unit of PetroVietnam, signed a strategic partnership agreement to jointly study FSRU-based technical solutions for LNG imports into Vietnam.
Prior to that, Excelerate signed a term sheet with ITECO, a Vietnamese-based private development company, to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.
Excelerate operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located worldwide.
In addition to these 10 FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.
Excelerate’s LNG supply strategy complements its core regasification business.
The company is establishing a diversified supply portfolio to support its LNG sale and purchase agreements.
Excelerate previously signed two long-term LNG SPAs with QatarEnergy and Venture Global LNG.
Under the SPA with QatarEnergy, Excelerate will buy up to one mtpa of LNG to be delivered to FSRUs in Bangladesh for 15 years, starting in January 2026.
Moreover, under the 20-year SPA with Venture Global, Excelerate will buy 0.7 million tonnes per annum of LNG on a free on board (FOB) basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana.
