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    Vietnam's PV Gas, Gazprom Ink LNG Deal

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Summary

PetroVietnam Gas Corporation (PV Gas), a subsidiary of state owned PetroVietnam signed a deal with Gazprom Marketing & Trading Singapore to purchase LNG for its import terminal project in Thi Vai.

by: shardul

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Asia/Oceania

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Vietnam's PV Gas, Gazprom Ink LNG Deal

PetroVietnam Gas Corporation (PV Gas), a subsidiary of state owned PetroVietnam signed a deal with Gazprom Marketing & Trading Singapore to purchase LNG for its import terminal project in Thi Vai, the Vietnamese firm said in a statement Friday.

The LNG terminal project has a capacity of 1 million tons / year, is expected to start operations by 2017.

PetroVietnam and Gazprom began cooperating in the field of LNG in 2012.

According to Platts, PV Gas also plans to construct a second LNG terminal at Son My in the central province of Binh Thuan. In the first phase the terminal will have a capacity of 1.8 million mt/ and is expected to be ready in 2018 and start receiving gas in 2019 or 2020.

The terminal's capacity is expected to be doubled to 3.6 million mt/year in 2020 and raised to 6 million mt/year in 2023 in the second phase, Platts said. By the third phase, which is expected to be completed over 2026-2030, the terminal's capacity is to be hiked to 9.6 million mt/year.

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