Agreeing the investment policy, the investor of the Son My LNG Terminal project

Son My LNG port depot site

From this milestone, the Son My LNG Terminal project has officially entered a new step in an itinerary for implementing and putting into operation key oil and gas projects in general, as well as the effort of Vietnam Gas Corporation (PV GAS) in particular in investing in LNG infrastructure to promote the energy transition and economic growth of Vietnam. It shows the close attention and direction of the Government, ministries, central agencies, and local authorities, along with the efforts of investors (including PV GAS, AES Corporation - USA, as well as the coordination of the partners and relevant stakeholders).

PVN's General Director attended meetings in the United States to discuss the implementation of the Son My LNG port depot project and future energy projects

The Son My LNG terminal is a key oil and gas project, in the project chain of gas and electricity projects using liquefied natural gas (LNG) with a total estimated investment of about 1.338 billion USD (in Son My Industrial Park.1, Son My Commune, Ham Tan District, Binh Thuan Province). Previously, on September 21, 2021, PV GAS and USA AES Corporation signed a joint venture agreement to establish Son My LNG Terminal Co., Ltd. for organizing the project implementation, towards supplying LNG for the main consumers as Son My 1 and 2 Power Plants, with a capacity of 2,250 MW each, expected to be put into operation from 2027. The fuel consumption demand of this project would be a maximum of 3.6 million tons of LNG/year (for phase 1) agreeing with the Vietnam Gas Industry Development Planning and the Power Development Planning VIII approved by the Prime Minister.

In addition, the project can be expanded at a later stage to provide LNG fuel for other consumers in the South Central and Southeast regions (depending on the market demand and ensuring energy security) with a capacity of 6 million tons/year through the terminal in phase 2 (2027 - 2030) and can be expanded to a capacity of up to 10 million tons/year in the next phase.

The Son My LNG Terminal is an important energy infrastructure project with a large investment and will be the basis for deploying Son My 1 and Son My 2 power plants to turn Binh Thuan province into a national energy center and promote the socio-economic development of the province.

The decision to agree on the investment policy of the Son My LNG Terminal project for the private investors received the unity and determination of the entire Provincial Party Committee, People’s Council, and People’s Committee, and the dramatic taking part, the close and synchronous of the local departments and the ministries and agencies.

Binh Thuan PPC asked the investor of Son My LNG Terminal to focus all resources on implementing the project to ensure the quality and completion schedule as the content of the agreed Decision and Binh Thuan provincial and Ham Tan district Departments, agencies to coordinate, support, and create the best conditions for investors in the process of project implementation.