Vietnam's state-controlled PV Gas plans to import its first LNG cargo in 2022 as construction of its first 1 million mt/year import terminal is well under way, it said in a statement released Nov. 12.
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Register NowThe company began construction of the terminal at Ba Ria-Vung Tau province in October 2019. Currently, 90% of the work at the project has been completed, with PV Gas targeting to put the terminal into operation by the third quarter of 2022.
Associated projects, such as the LNG fueling station at Thi Vai and the pipeline connecting the Thi Vai terminal and Phu My Industrial Park in Ba Ria-Vung Tau, are in progress, PV Gas said.
Power plants will consume roughly 70% of PV Gas' LNG volume, with the remainder used by other consumers such as petrochemical and industrial plants as well as transport vehicles.
PV Gas has signed six LNG master sale and purchase agreements with foreign suppliers, it said, without providing any names.
In 2019, PV Gas signed a framework agreement with PV Power to supply LNG to the latter's Nhon Trach 3 and Nhon Trach 4 power plants in Dong Nai province.
PV Gas' announcement came as the Vietnamese government has recently joined some global effort targeting fossil fuels to help mitigate global warming.
On Nov. 2, Vietnam joined the Global Methane Pledge with more than 100 other countries on the occasion of COP26, UN Climate Change Conference, with a collective target of reducing global methane emissions by at least 30% from 2020 levels by 2030.
At COP26, Vietnam also committed to phase out and not build, or invest, in new coal power, and pledged to reach net zero by 2050.
On Nov. 9, Vietnam's Deputy Prime Minister Le Van Thanh ordered the Ministry of Industry and Trade to revise the draft power development plan over 2021-2030, otherwise known as the PDP VIII, to reflect Vietnam's net zero commitment announced at the COP26. The ministry was also asked to review thoroughly some planned power projects, particularly coal power plants. Investors for these projects either have yet to be identified or have requested to discontinue their participation.
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November 15, 2021 at 01:24PM
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Vietnam's PV Gas to import first LNG cargo in 2022 - S&P Global
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