At the morning of October 28, 2019, in Thi Vai port, Tan Phuoc Commune, Phu My Town, Ba Ria-Vung Tau Province, Vietnam Oil and Gas Group (PVN) and Vietnam Gas Corporation (PV GAS) started to construct Thi Vai LNG Storage Project (phase 1) with a capacity of 1 million tons LNG per year.
The Groundbreaking ceremony of Thhi Vai LNG Storage Project (phase 1)
The Thi Vai – Nhon Trach LNG – Power project chain includes Thi Vai LNG import port and Nhon Trach 3 & 4 Gas Power Plants.
The Thi Vai system of the LNG port and storage invested by PV GAS is divided to two phases with a capacity of 01 million tons per year in the first phase and 03 million tons per year in the second phase expected to be in operation respectively by 2022 and 2023.
The Thi Vai system with a total investment level for the first phase of US$ 285 million is designed according to the standards and codes of Vietnam and international standards. The system including, for the first phase, a LNG tank with a volume of 180,000m3 and technological equipment, has a capability to receive the LNG vessels with tonnage of up to 85,000 tons.
After completion, the system will supplement about 1.4 billion m3 of gas for Nhon Trach 3 & 4 power plants and the industrial customers, and partially offset the shortage of domestic gas after 2022.
The total investment level of the project has been approved as US$ 300 million, including 70% of the loans that PV GAS has arranged with domestic and foreign prestigious and leading banks, and 30% of the PV GAS equity capital.
Regarding the foreign currency of 80 million USD, PV GAS has arranged with HSBC – Mega Bank and Taipei Fubon Bank.
The domestic loans of VND 2,100 billion will come from: Southeast Asia Commercial Joint Stock Bank (SeAbank) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank).