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PV Gas said in a statement on Thursday that the two firms have signed an agreement for the supply of LNG for delivery in early April.
The deal is worth about 1,000 billion Vietnamese dong ($39.1 million), according to PV Gas.
This deal marks the beginning of LNG supply cooperation between the two parties in the Vietnamese market, it said.
In addition, the two sides also discussed potential cooperation opportunities in the gas and LNG value chain to meet Vietnam’s growing energy needs.
The two sides agreed to continue discussing and concretizing cooperation agreements in the upcoming period, including evaluating opportunities to purchase and sell LNG under medium and long-term contracts, PV Gas said.
PV Gas noted that Petronas is a major LNG supplier with an annual sales volume of about 33 million tonnes of LNG.
Last year, the Malaysian company’s LNG sales rose by 9 percent year-on-year to 35.7 million tonnes. This compares to 32.90 million tonnes in 2023. Sales also rose compared to 34.23 million tonnes in 2022.
In 2024, Petronas delivered 398 LNG cargoes, or 25.13 million tonnes, from the giant 30 mtpa Bintulu LNG export facility in Sarawak.
Petronas also operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu, and the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
Petronas has delivered 36 LNG cargoes, or 2.17 million tonnes, from these two floating LNG producers in 2024.
It is also building the third FLNG unit which will increase Petronas’ LNG production from floating LNG facilities from 2.7 mtpa to 4.7 mtpa.
PV Gas boosting LNG business
PV Gas is boosting its LNG business, and it recently signed a memorandum of understanding with US FSRU player Excelerate Energy to collaborate on securing US LNG as early as 2026. It also signed a similar deal with US energy giant
According to PV Gas, LNG import deals from the US will help the company to contribute to the implementation of Vietnam’s LNG import plan, expected to reach 9 million tons/year by 2030, increasing to 15 million tons/year by 2035, with an estimated total value of $7.2 billion per year.
These memorandums came days after PV Gas revealed its plans to deploy an FSRU in Vietnam next year, adding to its Thi Vai LNG import terminal.
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.
This is a strategic step, ensuring a stable and flexible LNG supply for the national power generation system during peak periods, PV Gas said.
The firm also noted that it is accelerating the upgrade of the Thi Vai LNG terminal in phase 2, with a plan to increase capacity from 1 mtpa to 3 mtpa by 2029.
PV Gas said this will not only help increase gas supply capacity for power plants but also contribute to stabilizing electricity prices.