April 21, 2026 [Storage Terminals Magazine]- AG&P LNG, a leading LNG terminals and downstream infrastructure company and subsidiary of Nebula Energy, has announced an agreement to acquire a 100 percent stake in the Cai Mep LNG Terminal, located in Vung Tau province in South Vietnam. The move follows the company’s initial acquisition of a 49 percent stake in 2024 and will see Hai Linh Company Limited fully divest its shareholding upon completion. The transaction remains subject to customary regulatory approvals and closing conditions.

From Joint Venture to Full Ownership

Originally developed by Hai Linh Company Limited, the Cai Mep LNG terminal was fully constructed and commissioned in 2025. Over the past 12 months, the facility was mechanically completed, commissioned, and ramped up under the joint stewardship of AG&P LNG and Hai Linh, and is now positioned to deliver reliable LNG supply to downstream customers across the South Vietnam market.

Once the transaction closes, Cai Mep LNG Terminal Company will become a wholly owned subsidiary of AG&P LNG, enabling the parent company to integrate the terminal end-to-end with its LNG supply, shipping, and downstream distribution platforms.

A Critical Node in Vietnam’s Energy Infrastructure

Strategically located near the Mekong River Delta, the Cai Mep terminal is well-positioned to serve as a cornerstone of Vietnam’s emerging LNG-to-power supply chain. The facility features three onshore tanks with a total LNG storage capacity of 220,000 cubic metres, LNG break bulk capability to reload into smaller vessels, and 14 bays for CNG and LNG truck loading. It is connected to the nearby Phu My industrial zone and has direct pipeline connectivity to Vietnam’s largest power generation complex, Phu My, which has a gas-fired capacity of 3.9 GW. Multiple highway connections provide access to surrounding demand centres.

Leadership Perspectives

Peter Gibson, chairman of Nebula Energy, described the acquisition as a defining moment for both the company and Vietnam’s broader energy transition. “Consolidating 100% of Cai Mep allows us to integrate the terminal end-to-end with our LNG supply, shipping, and downstream distribution platforms, and deliver reliable, competitively priced LNG to power plants and industries across the country,” he said, adding his gratitude to Hai Linh for their partnership in bringing the terminal to life.

Le Van Tam, CEO of Hai Linh Company Limited, expressed pride in what the two companies had built together. “From completing construction to successful commissioning and commercial operations — as Vietnam’s LNG market enters its next phase of rapid growth, we believe AG&P LNG is ideally positioned to scale Cai Mep to its full potential,” he said. Tam noted that divesting Hai Linh’s stake would allow the company to redeploy capital into its core petroleum business and the Hiep Phuoc Power Plant.

Vietnam’s LNG Market at an Inflection Point

The full acquisition reflects Nebula Energy’s stated commitment to Vietnam’s economic development and positions AG&P LNG as a key player in the country’s transition toward gas-fired power. With the terminal now operational and fully integrated infrastructure in place, Cai Mep is expected to play an increasingly central role in meeting Vietnam’s growing energy demands in the years ahead.