Vietnam's second LNG terminal seeks cargo to begin commissioning tests
Vietnam's Cai Mep liquefied natural gas (LNG) terminal is seeking a cargo to initiate commissioning tests, two industry sources said, putting it on track to become the country's second terminal to bring in the fuel.
As it seeks to reduce reliance on coal, Vietnam has ambitious plans to build up LNG import terminals and a fleet of 13 LNG-fired power plants that could account for 15% of the country's total installed power generation capacity by 2030. Sources and analysts, however, say the target is at risk of being missed.
The Cai Mep import terminal is operated by Cai Mep LNG, a joint venture between Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) and Vietnamese petroleum trader Hai Linh Company.
Hai Linh Company Ltd. was awarded an import license, said two other sources and according to a copy of the license issued by the Ministry of Industry and Trade.
Two of the four sources said the cargo sought to commission the Cai Mep terminal will be for delivery in October.
The sources could not be named because they were not authorized to speak publicly.
AG&P LNG CEO Karthik Sathyamoorthy did not give specific detail.
"Given we have just received the import license, we are now working on accelerating the commissioning and target to complete (it) in the next three months," he said.
The Cai Mep LNG terminal is located in Vietnam's southern Ba Ria Vung Tau province, and has the capacity to import 3 metric MMtpy of LNG.
Vietnam has so far imported more than 300,000 t of LNG on a spot basis via its first LNG import terminal, the Thi Vai terminal by PetroVietnam Gas.
The cargoes were shipped in mostly to fuel existing gas-fired power plants to meet surging power demand during heatwaves earlier this year.
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