AG&P LNG buys 49% stake in Cai Mep LNG import terminal in Vietnam
AG&P LNG, a subsidiary of Nebula Energy, has acquired a 49% stake in the 3mn tonnes/year Cai Mep LNG import terminal in Vũng Tàu district, Vietnam, it said on March 7.
The $500mn terminal, which can be expanded to 6mn tonnes/year, has been developed by Hai Linh Company and is fully constructed. It is one of the only two existing LNG terminals in Vietnam and is expecting start-up in Q3 2024. It has pipeline connectivity to Vietnam's largest power generation complex, the Phu My industrial zone, boasting a gas-fired capacity of 3.9 GW.
The Cai Mep LNG terminal features three onshore tanks with a total LNG storage capacity of 220,000 m3 and break-bulk capabilities, allowing for the reloading of LNG into smaller vessels. Additionally, the terminal has 14 bays for compressed natural gas (CNG) and LNG truck-loading, providing access to LNG through multiple highways connecting to nearby demand centers.
“Cai Mep LNG will enable reliable LNG access to multiple power plants in its vicinity, including Hai Linh's Hiep Phuoc Power Plant - currently under construction - and to the industries in the South Vietnam region,” Karthik Sathyamoorthy, CEO, AG&P LNG, said.
Earlier in January, Nebula Energy, a US-based asset manager, acquired a majority stake in LNG terminal developer AG&P LNG for $300mn. AG&P LNG has a total of six LNG terminals under development, boasting a proposed capacity of 25mn tonnes/year. The company operates the first LNG import and regasification terminal in the Philippines, known as the Philippines LNG (PHLNG) import terminal, situated in Batangas Bay.