Japex signs up to develop Northern Vietnam LNG terminal
01.17.2022 By Ricardo Perez - NEWS

January 17, 2022 [upstreamonline] – Terminal will initially handle up to 650,000 tpa of LNG and is expected to come online in 2025, subject to a final investment decision

 

Tokyo-based Japan Petroleum Exploration (Japex) has joined a project to build a liquefied natural gas receiving terminal in Vietnam.

Japex confirmed has signed a share purchase agreement with Vietnam’s Iteco to promote the project that involves the construction of the Northern Vietnam LNG Terminal in the Nam Dinh Vu Industrial Park in Hai Phong, a major port city in north-east Vietnam.

The project, which also includes procurement, storage, and supply of LNG, has already received government approval.

The initial development will include a 50,000 cubic metre LNG storage tank and associated jetty facilities capable of handling up to 650,000 tonnes of LNG per annum.

Japex noted an additional development phase planned for the latter half of the decade could also see the construction of an additional 30,000 cubic metre storage tank.

A final investment decision on the initial development is being targeted for the second half of 2022, with commercial operations expected to start in 2025.

Japex also noted in the announcement that Iteco was progressing discussions regarding LNG procurement, as well as its offtake and distribution.

“Japex will respond to the demand for natural gas and LNG as a lower environmental impact energy source in Japan and abroad, utilising our capabilities in domestic natural gas supply, such as LNG terminal operations and gas supply chain establishment,” the Japanese company said.
Japanese duo in $1.93 billion Vietnam LNG project
Read more

Vietnam has traditionally relied on coal as its primary source for generating electricity, however natural gas and renewables are emerging as important components of the South-East Asian nation’s future energy mix as it also looks to lower carbon emissions.

With domestic gas fields being depleted and exploration of the South China Sea facing challenges, Vietnam is expected to start importing its first LNG cargoes this year to meet its growing demand.

The nation’s Minister of Industry and Trade, Nguyen Hong Dien, has stated that Vietnam’s LNG import demand is expected to reach 5 million tpa by 2025, 10 million tpa by 2030 and 15 million tpa by 2035.

Click Here to Access a 7,000 Tank Terminal Database With a Pro Trial

7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Crescent Energy Announces Acquisition of Eagle Ford Assets from Ridgemar Energy
12.04.2024 - NEWS
December 04, 2024 [Oil Field Technology]- Crescent Energy has announced the signing of a definiti... Read More
GIZ and RP Global Launch 3GW Green Ammonia Project Under BMWK’s H2Upp Programme
12.04.2024 - NEWS
December 04, 2024 [H2 View]- GIZ and RP Global will develop a 3GW green hydrogen and ammonia proj... Read More
INEOS Enterprises enters agreement for the sale of INEOS Composites to KPS Capital Partners, LP for an Estimated Consideration of c. €1.7bn at Completion
12.04.2024 - NEWS
December 04, 2024 [INEOS]- INEOS Enterprises has entered into an agreement for the sale of the IN... Read More
POSCO INTERNATIONAL Begins Test Operation of Gas Processing Facility Unit 1 for Senex Energy in Australia, with Plans to Triple Natural Gas Production Progressing Smoothly
12.04.2024 - NEWS
December 04, 2024 [POSCO]- POSCO INTERNATIONAL (CEO Lee Kye-In) is successfully executing its pro... Read More