PetroVietnam Issues Tender To Purchase 70,000 Tonnes Of LNG

Based on two sources, PetroVietnam Gas has issued a tender seeking to purchase Vietnam's first cargo of 50,000 to 70,000 tonnes of liquefied natural gas (LNG) as it prepares to open a southern import terminal.

Vietnam, a manufacturing powerhouse that relies on coal for the majority of its electricity, is developing a new power strategy that aims to increase installed LNG-fired power generation capacity to up to 24.5 gigatonnes by 2030.

According to the sources, the cargo is being sought on a delivered ex-ship (DES) basis for delivery between June 1 and July 31, with the tender closing on May 11.

The Thi Vai LNG Terminal in the province of Ba Ria Vung Tau will supply two gas-fired power plants being built in the neighbouring province of Dong Nai.

According to PetroVietnam Gas, the terminal is expected to supply between 680,000 and 850,000 tonnes of LNG per year from 2023 to 2027.

The Vietnam Oil and Gas Group trades as PetroVietnam (PVN). PetroVietnam has grown rapidly since its inception in 1977, and its operations now include everything from oil and gas exploration and production to storage, processing, transportation, distribution, and services, through its various companies and wholly owned subsidiaries. It is wholly owned by the Vietnamese central government and is responsible for all of the country's oil and gas resources. It has become the country's largest oil producer and second-largest power producer.