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PV Gas revealed this move in a statement following a meeting with Vietnam’s power utility EVN on March 6.
The meeting focused on ensuring gas and LNG supply for electricity production in the 2025-2030 period.
Notably, in the context of rapidly declining domestic gas resources, PV Gas committed to increasing the regasification capacity of its Thi Vai LNG terminal from 5.7 million Sm3/day to 7 million Sm3/day from March 2025, PV Gas said.
This move will help EVN ensure reserve capacity in the upcoming dry seasons, meeting the demand for electricity production in the context of high load, the firm said.
Moreover, 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.
This is a strategic step, ensuring a stable and flexible LNG supply for the national power generation system during peak periods, PV Gas said.
PV Gas did not provide further details regarding the FSRU-based terminal.
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.
It’s worth mentioning here that US FSRU player Excelerate Energy and PetroVietnam Technical Services Corporation (PTSC), a unit of PetroVietnam, signed a strategic partnership agreement in September last year 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.