Thi Vai LNG Terminal

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Thi Vai LNG Terminal is a liquefied natural gas (LNG) import terminal operating in Vietnam.

Location

The terminal is proposed to be located in Bà Rịa–Vũng Tàu Province, Vietnam.

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Project details

Phase 1

• Operator: LNG Vietnam
• Owner: LNG Vietnam
• Parent: PetroVietnam (51%), Bitexco (39%), Tokyo Gas (10%)
• Location: Vũng Tàu Port, Bà Rịa–Vũng Tàu Province, Vietnam
• Coordinates: 10.527191, 107.026022 (approximate)
• Type: Import
• Capacity: 1 mtpa, 0.14 bcfd
• Cost: US$285 million
• Financing: US$85.5 million equity investment from PetroVietnam; US$80 million loan from HSBC and two Taiwanese banks, Mega Bank and Taipei Fubon Bank; US$81.2 million loan from two Vietnamese banks, Southeast Asia Commercial Joint Stock Bank and Vietnam Export Import Bank
• Status: Operating
• Start Year: 2023

Phase 2

• Operator: LNG Vietnam
• Owner: LNG Vietnam
• Parent: PetroVietnam (51%), Bitexco (39%), Tokyo Gas (10%)
• Location: Vũng Tàu Port, Bà Rịa–Vũng Tàu Province, Vietnam
• Coordinates: 10.527191, 107.026022 (approximate)
• Type: Import
• Capacity: 2 mtpa
• Status: Proposed
• Start Year: 2026
  • Formerly 2024

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day

Background

In 2012 Tokyo Gas and PetroVietnam signed a Memorandum of Understanding for development of a import terminal in Bà Rịa–Vũng Tàu Province, Vietnam. It would be the first LNG terminal in Vietnam. It was originally expected to begin importing LNG in 2015, later moved to 2017. The terminal will be developed in two phases. Phase one is now expected to begin operations in 2022 with a capacity of 1.0 mtpa, and phase two will begin operations in 2023 with a capacity of 3.0 mtpa.

In April 2016 PetroVietnam said it had decided to temporarily put on hold work on the proposed US$286 million LNG terminal to review the feasibility of the project.

In July 2016, Tokyo Gas Asia established LNG Vietnam in partnership with PetroVietnam Gas Joint Stock Corporation and Bixtexco Group for the purpose of procuring and selling LNG and building the Thi Vai LNG Terminal. If constructed ThiVai LNG would join Son My LNG as the first infrastructure in Vietnam for LNG imports.

In August 2018, the project was announced to have its feasibility study done and was awaiting the go-ahead signal from the ministries.

In June 2019 the contract to build the terminal was awarded to Samsung C&T. The Thi Vai terminal is expected to be completed in October 2022. It will have a capacity of 1 MTPA in its first phase in 2022, which will be raised to 3 MTPA by 2023 in the second phase of development.

In June 2022, PetroVietnam said that the construction of the first phase of the terminal was 95% complete, and it expected to commission the project in the fourth quarter of 2022.

In October 2023, PetroVietnam inaugurated the terminal, after it had received its first cargo earlier in the year in July.