PVChem, Messer form $37m industrial gas joint venture in Cái Mép

PVChem, Messer form $37m industrial gas joint venture in Cái Mép

The project, located in HCM City's Cái Mép Industrial Park, will have a designed capacity of 200,000 tonnes per year.

PVChem CEO Dương Trí Hội and Messer CEO Bernd Eulitz sign the joint venture agreement. — Photo courtesy of Petrovietnam

PetroVietnam Chemical and Services Corporation (PVChem), a subsidiary of the Vietnam National Industry - Energy Group (Petrovietnam), has partnered with Germany’s Messer SE & Co. KGaA (Messer) to establish Cái Mép Industrial Gas Co. Ltd., a US$37 million joint venture to develop an industrial gas plant in southern Việt Nam.

The project, located in HCM City's Cái Mép Industrial Park, will have a designed capacity of 200,000 tonnes per year. Construction is expected to start in the third quarter of 2026 and commercial operations in the third quarter of 2028.

The plant will operate under a green and circular economy model, using cold energy from PV Gas’s LNG terminal to power its European cryogenic air separation technology. The integration of LNG cold-energy recovery is expected to reduce electricity and water consumption, cut indirect CO2 emissions and improve overall energy efficiency.

PVChem Chairman Trương Đại Nghĩa said the venture represents an ideal combination of global technology, domestic infrastructure and a stable local market.

“This partnership is a model of international cooperation built on shared goals of innovation, sustainability and efficiency,” he said.

Within Petrovietnam’s ecosystem, PVChem and PV Gas are developing a connected value chain that links LNG, industrial gases, and clean energy. The plant will reuse LNG cold energy from PV Gas’s Thị Vải terminal, turning waste energy from one facility into input for another, a key step toward optimising the group’s resources. 

Messer Supervisory Board Chairman Stefan Messer said the project would support Việt Nam’s decarbonisation goals by providing low-emission industrial gases critical to manufacturing and healthcare.

Petrovietnam CEO Lê Ngọc Sơn said the venture aligns with the group’s clean-energy strategy and commitment to reducing carbon emissions.

He urged PVChem, PV Gas and partners to coordinate closely to ensure timely and safe delivery, adding that the cooperation could lead to new joint projects in green energy and advanced technology. 

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