Liquefied pure gasoline (LNG) terminal and downstream infrastructure agency AG&P LNG has acquired a 49 p.c stake within the Cai Mep LNG terminal situated in Vũng Tàu district in South Vietnam.
The $500 million Cai Mep LNG terminal, which is being developed by Vietnam’s Hai Linh Firm Restricted, has a capability of three million metric tons each year (mtpa) expandable to six mtpa. It’s one in every of solely two current LNG terminals within the nation.
The terminal has pipeline connectivity to Vietnam’s largest energy technology advanced, the Phu My industrial zone, with a gas-fired capability of three.9 gigawatts (GW). It’s anticipated to begin working within the third quarter.
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The terminal is strategically situated close to the Mekong River Delta and has three onshore tanks totaling to a capability of 220,000 cubic meters of LNG storage, and LNG break-bulk capabilities that enable it to reload LNG into smaller vessels, AG&P mentioned in a latest information launch.
With a complete of 14 bays for compressed pure gasoline (CNG) and LNG truck-loading, the Cai Mep LNG Terminal is well-connected by way of a number of highways to a number of close by demand facilities to supply dependable entry to LNG, based on the discharge.
“Cai Mep LNG Terminal will play a pivotal function in enhancing [the] power safety of Vietnam, paving the way in which for power transition in Vietnam”, AG&P LNG CEO Karthik Sathyamoorthy mentioned. “Strategically situated, Cai Mep LNG will allow dependable LNG entry to a number of energy crops in its neighborhood, together with Hai Linh’s Hiep Phuoc Energy Plant – presently below building – and to the industries within the South Vietnam area”.
“[The] AG&P LNG group has already labored intently with the Cai Mep LNG Terminal group to operationalize the terminal by Q3 2024. We’re privileged to work with Hai Linh and make LNG out there rapidly and safely to the Vietnam market”, Sathyamoorthy added.
“Fast industrialization and robust financial development presently being skilled by Vietnam are anticipated to generate sturdy gasoline demand development led by [the] energy and industrial sectors, mixed with the balanced LNG provide market”, Hai Linh CEO Le Van Tam, mentioned. “We’re very excited to welcome AG&P LNG as our shareholder in our Cai Mep LNG Terminal Firm. With this partnership, we will expedite the terminal’s begin up and commissioning and LNG terminal operations into Vietnam and serve the exponentially rising LNG demand in our nation.”
“Following our latest acquisition of [a] majority stake in AG&P LNG, we’re very excited to spend money on Vietnam’s flagship 3 MTPA Cai Mep LNG Import Terminal”, Sam Abdalla, Nebula Power CEO and AG&P LNG Vice Chairman, mentioned. “This funding will allow us to commercialize LNG provide, transportation, and supply of LNG molecules by means of our built-in LNG ecosystem. As soon as operationalized, the Cai Mep terminal will serve a number of energy crops and industries within the area to satisfy the nation’s surging demand for dependable and clear power”.
Earlier within the yr, Florida-based funding and asset administration agency Nebula Power LLC purchased a majority stake in Singapore-based AG&P LNG in a transfer to extend its footprint within the LNG area. AG&P LNG has a considerable development pipeline with six LNG terminals in improvement with proposed capability of 25 mtpa throughout a number of worldwide development initiatives.
AG&P LNG describes itself as a worldwide chief in creating and operating LNG and gasoline logistics and distribution options. AG&P offers the infrastructure to entry pure gasoline safely and simply in new and rising markets. The corporate accelerates the adoption of downstream LNG infrastructure and logistics networks, bridging the hole between infrastructure/logistics and demand with its superior proprietary LNG know-how and singular main LNG credentials to develop, personal and function LNG belongings in fast-growing markets.
To contact the writer, e mail rocky.teodoro@rigzone.com
