PV Gas, US corporation move to implement Son My LNG port warehouse project
The PetroVietnam Gas Joint Stock Corporation (PV GAS) and US-based AES Corporation signed a joint venture agreement on the establishment and operation of Son My LNG port warehouse limited company in New York on September 22 (local time).
The signing ceremony was witnessed by President Nguyen Xuan Phuc who is in New York to attend the 76th United Nations General Assembly (UNGA).
The joint venture agreement was based on the main terms of the joint venture contract of Son My LNG (liquefied gas) port warehouse project signed in October 2020.
The Son My LNG port warehouse is one among a series of LNG power projects in the south central province of Binh Thuan, with an estimated total investment of US$1.31 billion, and a capacity of 3.6 million tonnes a year in the first phase and up to 9 million tonnes in the next phase.
The port will receive, process and supply LNG reprocessed as fuel for Son My 1 and Son My 2 power plants, expected to be put into operation by the end of 2025.
The formation of the Son My LNG port warehouse limited company is expected to ensure reprocessed LNG to serve power demand of the southern key economic zone and Vietnam as well.
The signatories pledged to conduct procedures to put the company into operation in November.