Nebula Energy’s AG&P LNG has purchased a 49 percent stake in the Cai Mep liquefied natural gas (LNG) import terminal from Vietnam’s Hai Linh.
AG&P LNG said the $500 million facility has a capacity of 3 mtpa, expandable to 6 mtpa, and is one of the only two existing LNG terminals in Vietnam.
PetroVietnam Gas, a unit of state-owned PetroVietnam, officially launched its 3 mtpa Thi Vai LNG terminal, Vietnam’s first LNG import facility, in October last year, and will this month also start supplying LNG via trucks from this facility.
The Cai Mep LNG terminal, located in Vung Tau district in South Vietnam, is fully constructed and is expected to be launched later this year, according to AG&P LNG.
It has pipeline connectivity to Vietnam’s largest power generation complex, the Phu My industrial zone, with a gas-fired capacity of 3.9 GW.
Moreover, the LNG terminal is located near the Mekong River Delta and has three onshore tanks totaling to a capacity of 220,000 cbm of LNG storage, and LNG breakbulk capabilities that allow it to reload LNG into smaller vessels.
With a total of 14 bays for CNG and LNG truck-loading, the Cai Mep LNG Terminal is well-connected via multiple highways to several nearby demand centers to provide access to LNG, AG&P LNG said.
Karthik Sathyamoorthy, CEO of AG&P LNG, said in the statement that the Cai Mep LNG terminal “will enable reliable LNG access to multiple power plants in its vicinity, including Hai Linh’s Hiep Phuoc power plant – currently under construction – and to the industries in the South Vietnam region.”
“AG&P LNG team has already worked closely with the Cai Mep LNG terminal team to operationalize the terminal by Q3 2024,” he said.
AG&P LNG
In January, US investment and asset management firm, Nebula Energy, purchased an 80 percent stake in AG&P LNG from Singapore-based AG&P.
With operational headquarters in the UAE, AG&P LNG now operates as an independent subsidiary of Nebula with key offices in UAE, Singapore, India, Vietnam, and Indonesia.
AG&P LNG has a “substantial growth pipeline” with a total of six LNG terminals in development with proposed capacity of 25 mtpa across several international growth projects, it previously said.
Of its LNG terminal project portfolio, AG&P LNG last year launched the first LNG import and regasification terminal in the Philippines, called the Philippines LNG (PHLNG) import terminal located in Batangas Bay.
In May 2023, AG&P LNG commissioned the first import terminal in the Philippines following the arrival of the 137,500-cbm FSU Ish at the terminal’s jetty in Batangas Bay.
The LNG import facility features the converted FSU, which AG&P chartered from Adnoc for a period of up to 15 years.
Power companies Meralco PowerGen, Aboitiz Power, and San Miguel Global Power recently said they wlll buy this facility from a unit of AG&P LNG.