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According to a PV Gas statement, the two units of state-owned PetroVietnam signed the LNG supply contract for Vietnam’s first two LNG power plants for 25 years.
This move follows a contract signed by PV Gas and PV Power for LNG supply for the commissioning of the two power plants in November last year.
PV Gas and PV Power have successfully negotiated and signed a contract to supply LNG for the entire commercial operation of these power plants from 2025 onwards, PV Gas said.
With this, PV Gas became the first and only long-term LNG supplier for power plants in Vietnam, it said.
PV Gas did not provide further details regarding the contract.
Launched in 2023, the PV Gas-operated Thia Vail LNG terminal, 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.
PV Gas is also working to triple the capacity of the facility to 3 mtpa.
LNG power plants
On the other hand, PV Power’s Nhon Trach 3 LNG power plant was recently connected to the national grid.
According to PV Power, the LNG power plant is expected to start commercial operation in July this year, after meeting technical requirements.
In November 2021, PV Power broke ground on the Nhon Trach 3 and 4 plants in the southern province of Dong Nai, which are worth about $1.4 billion.
Vietnam’s first LNG power plants will have a total capacity of 1.5 GW.
South Korea’s Samsung C&T secured a contract from PV Power to build the plants in a consortium with Vietnamese contractor Lilama.
PV Power previously said the launch of these LNG plants had been delayed due to several issues, including those related to the project’s land lease and the power purchase agreement with Vietnam’s power utility EVN, which was signed in October last year.
According to the firm, the total construction progress of Nhon Trach 3 and 4 projects had reached nearly 96 percent by the end of January 2025.