Construction has begun at the Thi Vai regasification terminal in Vietnam.
A ceremony was held at the Tan Phuoc communie, in the Ba Ria-Vung Tau Province, involving Petrovietnam and Petrovietnam Gas. Attending the ceremony were local officials, including the secretary of the provincial party Nguyen Hong Linh, and Petrovietnam’s director, Le Manh Hung. The Australian consulate general Julianne Cowley and Korean consul Kang Ki Sung were also present, in addition to representatives from the US consul.
The Thi Vai terminal will have capacity to regasify 1 million tonnes per year of LNG and a storage tank capable of holding 180,000 cubic metres. The facility will be able to receive vessels up to 85,000 tonnes. This first phase carries a price tag of $285mn.
Petrovietnam Gas contracted Samsung C&T to build the plant. The Korean builder will also, in association with Petrovietnam Technical Services Corp. (PTSC), construct the gas-fired Nhon Trach 3 and 4 power plants. Thi Vai will provide gas to the power plants and other customers, in an effort to partially offset projected gas shortages in Vietnam from 2022.
When Samsung C&T won the order it said work should be completed in October 2022.
A proposed second phase at Thi Vai would increase capacity by 3mn tpy, with Petrovietnam Gas saying this should be completed in 2023.
LNG Thi Vai terminal warehouse and Nhon Trach 3 and 4 Power Plants will contribute to ensuring gas and electricity demand for the key economic region in the Southeast. For the first time, Vietnam has LNG used by the power plants and PV GAS is proud to be selected as a supplier of LNG – the first energy source to appear in Vietnam.
Petrovietnam Gas said it had signed up loans for the project from a number of banks. Foreign banks include HSBC, Mega Bank and Taipei Fubon Bank, while domestic lenders are Southeast Asia Commercial Joint Stock Bank (SeAbank) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank). The company said signing up this loan package would help enhance its position in the financial market, setting the stage for accessing new sources of capital in the future.
The Thi Vai facility, with the Son My terminal, will be able to provide up to 10mn tpy of LNG to Vietnam, the Vietnamese company said.
Son My is in the Binh Thuan Province with the Vietnamese government approving the terminal in August. The plant is expected to come online in 2023 and involves AES Corp., with a number of linked power plants planned.
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