Japex to participate in Vietnam LNG project
Japan Petroleum Exploration Co. (Japex) will participate in the project to construct an LNG import terminal in north Vietnam, it said on January 11.
Japex last month signed a share purchase agreement with ITECO, which is promoting the project and will further proceed with the share acquisition procedures.
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The proposed project involves building an LNG terminal in the Nam Dinh Vu Industrial Park in Hai Phong City, and procurement, storage, and supply of LNG. This project was approved by the government to be added to the Gas Industry Development Master Plan in February last year, Japex said.
Initially, a 50,000-m3 LNG storage tank and associated jetty facilities capable of handling a throughput volume of up to 650,000 metric tons/year of LNG are planned. Japex said a final investment decision is expected in the second half of this year. An additional LNG storage tank of 30,000 m3 is planned for the latter half of the 2020s as the expansion development, it said.
The facilities to be constructed in the project are planned to start commercial operation in 2025. ITECO is currently moving forward with discussions about LNG procurement as well as its offtake and distribution, Japex said.