Nebula’s AG&P LNG to become sole owner of Vietnam’s Cai Mep terminal

The move follows AG&P LNG’s initial acquisition announcement of a 49 percent stake
In 2024, from Vietnam’s Hai Linh, reflecting Nebula Energy’s “strong commitment towards Vietnam’s economic development,” AG&P LNG said in a statement on Tuesday.

Upon completion of the transaction and regulatory approvals, Cai Mep LNG Terminal Company will become a wholly owned subsidiary of AG&P LNG, with Hai Linh fully divesting its shareholding.

AG&P LNG said the transaction remains subject to customary regulatory approvals and closing conditions.

The company did not provide financial details.

Second LNG import terminal in Vietnam

The Cai Mep facility is the second LNG import facility in Vietnam, adding to the PetroVietnam Gas-operated Thi Vai LNG terminal in Ba Ria-Vung Tau province.

It has a capacity of 3 mtpa, with the potential to double the capacity.

Last year, AG&P LNG and Hai Linh received the first commissioning cargo at their Cai Mep LNG import terminal.

According to AG&P LNG, over the past 12 months, the terminal has been mechanically completed, commissioned, and ramped up under the joint stewardship of AG&P LNG and Hai Linh.

The facility is now ready to deliver LNG supply to downstream customers in the South Vietnam market, AG&P LNG said.

It connects to the nearby Phu My industrial zone and has pipeline connectivity to Vietnam’s largest power generation complex, Phu My, with a gas-fired capacity of 3.9 GW.

Strategically located near the Mekong River Delta, the terminal features three onshore tanks with a total LNG storage capacity of 220,000 cbm, LNG breakbulk capability to reload LNG into smaller vessels, and 14 bays for CNG and LNG truck loading.

“Well-connected via multiple highways to nearby demand centers, Cai Mep has become a critical node in Vietnam’s emerging LNG-to-power supply chain,” AG&P LNG said.