Japan Petroleum Exploration Co., Ltd. (JAPEX) is to take part in construction of a liquefied natural gas (LNG) Terminal in the Nam Dinh Vu Industrial Park in Hai Phong City, Vietnam.
Following a share purchase agreement signed between JAPEX and ITECO Joint Stock Company (ITECO JSC) – promoters of the project – further share acquisition procedures will go ahead.
In addition to construction of the terminal, the partners will work together on the procurement, storage, and supply of LNG as part of the Vietnamese government’s Gas Industry Development Master Plan which was approved, along with the Northern Vietnam LNG Terminal, in 2020.
Initial plans include construction of a 50,000m3 LNG storage tank and ‘associated jetty facilities’, which will be capable of handling a throughput volume of up to 650,000 metric tonnes of LNG per year.
A final investment decision (FID) expected in the second half of 2022 will precede an additional LNG storage tank of 30,000 m3 due for construction in the second half of the 2020s.
Commercial operation is planned for 2025.