AG&P LNG acquires 49% stake of Cái Mép LNG Terminal
AG&P LNG acquires 49% stake of Cái Mép LNG Terminal
LNG terminals and downstream infrastructure company AG&P LNG, a subsidiary of Nebula Energy, announced on March 7 that it has acquired a 49 per cent stake in Cái Mép LNG Terminal located in Bà Rịa- Vũng Tàu Province in southern Việt Nam.
Le Van Tam (L) and Karthik Sathyamoorthy sign a strategic partnership between AG&P LNG and Hai Linh Company Limited to establish a Joint Venture for LNG trading and downstream gas distribution in Vietnam. — Photo courtesy of the company |
Fully constructed, the Cái Mép LNG Terminal was developed by Hải Linh Company Limited, a prominent petroleum product import terminal and trader in Việt Nam.
AG&P LNG CEO Karthik Sathyamoorthy said: “Cái Mép LNG Terminal will play a pivotal role in enhancing the energy security of Viet Nam, paving the way for energy transition in Việt Nam. Strategically located, Cái Mép LNG will enable reliable LNG access to multiple power plants in its vicinity, including Hải Linh’s Hiệp Phước Power Plant - currently under construction - and to the industries in the southern Viet Nam region. AG&P LNG team has already worked closely with the Cái Mép LNG Terminal team to operationalize the terminal by Q3 2024. We are privileged to work with Hải Linh and make LNG available quickly and safely to the Vietnamese market.”
Hải Linh Company Limited CEO Lê Văn Tám said: “We are very excited to welcome AG&P LNG as our shareholder in our Cái Mép LNG Terminal Company. With this partnership, we will be able to expedite the terminal’s start-up and commissioning and LNG terminal operations into Việt Nam and serve the exponentially growing LNG demand in our country.”
The Cái Mép LNG Terminal has pipeline connectivity to Việt Nam’s largest power generation complex, the Phú Mỹ Industrial Zone, with gas-fired capacity of 3.9 GW. The terminal is strategically located near the Mekong River Delta and has three onshore tanks totaling to a capacity of 220,000 cubic metres of LNG storage, and LNG break-bulk capabilities that allow it to reload LNG into smaller vessels.
With a total of 14 bays for CNG and LNG truck-loading, the Cái Mép LNG Terminal is well-connected via multiple highways to several nearby demand centers to provide reliable access to LNG.
