AG&P LNG, a subsidiary of Nebula Energy, has acquired a 49% stake in fully constructed Cai Mep LNG terminal located in Vũng Tàu district in South Vietnam.
The Cai Mep LNG terminal was developed by Hai Linh Company, a prominent petroleum product import terminal and trader in Vietnam.
The terminal has pipeline connectivity to Vietnam's largest power generation complex, the Phu My industrial zone, with a gas-fired capacity of 3.9 GW.
It is also strategically located near the Mekong River Delta and has three onshore tanks totaling to a capacity of 220,000 m3 of LNG storage, and LNG break- bulk capabilities that allow it to reload LNG into smaller vessels.
With a total of 14 bays for CNG and LNG truck-loading, the Cai Mep LNG Terminal is well-connected via multiple highways to several nearby demand centers to provide reliable access to LNG.
Currently undergoing pre-commissioning works, Cai Mep is scheduled for start-up in the third quarter of 2024.
"Cai Mep LNG terminal will play a pivotal role in enhancing energy security of Vietnam, paving the way for energy transition in Vietnam. Strategically located, 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,” said Karthik Sathyamoorthy, CEO, AG&P LNG.
"Rapid industrialization and strong economic growth currently being experienced by Vietnam are expected to generate strong gas demand growth led by power and industrial sectors, combined with the balanced LNG supply market,” added Le Van Tam, CEO, Hai Linh Company.