Excelerate Energy, PetroVietnam to explore FSRU solutions for Vietnam's LNG imports
New York-listed Excelerate Energy has signed an agreement with PetroVietnam Technical Services Corporation (PTSC), a subsidiary of PetroVietnam, to jointly explore floating storage regasification unit (FSRU) based technical solutions for importing LNG into Vietnam, the company announced on 23 September.
The agreement will see both companies conducting feasibility studies to evaluate FSRU opportunities, aiming to optimise Vietnam's existing natural gas infrastructure. The goal is to supplement domestic gas supply with regasified LNG, meeting the growing demand for natural gas and encouraging the development of a regional gas market.
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"This agreement marks a significant milestone in our collaboration with PTSC," said Steven Kobos, CEO of Excelerate. "We are committed to working together to address Vietnam's energy challenges and support the country's sustainable development."
This partnership is part of Excelerate's broader strategy to expand into Vietnam's rapidly growing LNG market. In June 2024, the company signed a term sheet with ITECO Joint Stock Company to co-develop a greenfield LNG import terminal in Hai Phong.
The Northern Vietnam LNG Terminal (NVLT) is projected to have a total import capacity of 1.2mn tonnes/year, constructed in two phases. The first phase of NVLT is expected to have a capacity of 0.7mn tonnes/year and aims to begin operations in 2027.
Vietnam became an LNG importer last year. PV Gas last year commissioned the Thi Vai LNG import terminal which has an initial capacity of 1mn tonnes/year.