AG&P LNG acquires stake in Cai Mep Terminal

Cai Mep is a US$ 500M LNG Import Terminal, with a capacity of 3 million tpy and the possibility to expand to expandable to 6 million tpy; it is one of the only two existing LNG terminals in Vietnam.

The Cai Mep LNG 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. The terminal is strategically located near the Mekong River Delta and has three onshore tanks totalling 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 centres to provide reliable access to LNG.

Mr. Karthik Sathyamoorthy, CEO, AG&P LNG, said: "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. AG&P LNG team has already worked closely with the Cai Mep LNG Terminal team to operationalise the terminal by 3Q24. We are privileged to work with Hai Linh and make LNG available quickly and safely to the Vietnam market."

Mr. Le Van Tam, CEO, Hai Linh Company Limited said: "Rapid industrialisation 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. We are very excited to welcome AG&P LNG as our shareholder in our Cai Mep LNG Terminal Company. With this partnership, we will be able to expedite the terminal's start up and commissioning and LNG terminal operations into Vietnam and serve the exponentially growing LNG demand in our country."

Mr. Sam Abdalla, CEO, Nebula Energy, and Vice Chairman of AG&P LNG said: "Following our recent acquisition of majority stake in AG&P LNG, we are very excited to invest in Vietnam's flagship 3 million tpy Cai Mep LNG Import Terminal. This investment will enable us to commercialise LNG supply, transportation, and delivery of LNG molecules through our integrated LNG ecosystem. Once operationalised, the Cai Mep terminal will serve multiple power plants and industries in the region to meet the country's surging demand for reliable and clean energy."

Read the article online at: https://www.tanksterminals.com/terminals/20032024/agp-lng-acquires-stake-in-cai-mep-terminal/