Terminal's commercial operations scheduled to start in September 2024
- Cai Mep LNG Terminal will provide integrated LNG supply solution through AG&P LNG and Hai Linh downstream joint venture - Vietfirst Gas.
- Vietfirst Gas also signed second definitive agreement with prominent demand aggregator at the 'Cai Mep LNG Terminal Commissioning Symposium'. The first definitive agreement for 1 MTPA offtake was signed with HPP power plant in March 2024.
- The 3 MTPA Cai Mep LNG Terminal, expandable to 6 MTPA, is one of only two existing LNG terminals located in Vietnam. The Cai Mep LNG Terminal is located in in Vung Tàu district.
- Earlier this year in March, AG&P LNG, subsidiary of Nebula Energy, acquired a 49% stake in the fully constructed Cai Mep terminal developed by Hai Linh Company Limited.
HANOI, Vietnam, May 8, 2024 /PRNewswire/ -- Leading LNG terminals and downstream infrastructure company, AG&P LNG, a subsidiary of Nebula Energy, along with its partner, Hai Linh Company Limited, a prominent petroleum product import terminal and trader, in Vietnam today announced the start of the commissioning of the Cai Mep LNG Terminal in an elaborate 'Cai Mep LNG Terminal Commissioning Symposium' hosted at the terminal.
The detailed milestones of the commissioning phase were announced, leading up to the start of commercial operations of the Cai Mep LNG Terminal targeted for September 2024. The symposium demonstrated AG&P LNG's singular integrated LNG ecosystem with participation from customers, LNG suppliers, gas aggregators, and network partners, connecting the end-to-end LNG value chain, from sourcing to last mile delivery.
Mr. Karthik Sathyamoorthy, CEO, AG&P LNG, said, "I am thrilled to announce the start of the commissioning of the Cap Mep LNG Terminal. We are now also on track to start the commercial operations of the Terminal in September 2024. The hard work and can-do spirit of the team from Hai Linh, AG&P LNG and Nebula Energy to meet our commitment of LNG delivery by Q3 2024 has been nothing short of extraordinary. In a testament to our remarkable team, I am equally delighted to share another exciting development. Today, at our Cai Mep LNG Terminal Commissioning Symposium, we signed our second definitive LNG offtake agreement with one of the demand aggregators in Vietnam. We had signed our first definitive agreement for 1 MTPA offtake with HPP power plant earlier this year in March. Very soon, we will be able to provide reliable LNG supply and immediately serve power and nearby industrial customers."
AG&P LNG has six additional executed Letters of Intent (LOIs) with six more demand aggregators for downstream LNG distribution since it acquired 49% stake in the Terminal in March earlier this year. The Cai Mep LNG Terminal is connected to nearby Phu My industrial zone and has pipeline connectivity to Vietnam's largest power generation complex, Phu My, which has gas-fired capacity of 3.9 GW. The Terminal is strategically located near the Mekong River Delta and has a 220,000 m3 of LNG storage, and LNG break-bulk capabilities that allows it to reload LNG into smaller vessels. The Cai Mep Terminal initially set at 3 MTPA and expandable to 6 MTPA, has 14 truck-loading bays for LNG and CNG filling.
Mr. Le Van Tam, CEO, Hai Linh Company Limited, said, "I am excited to announce the commissioning of our Cai Mep LNG Terminal. We at Hai Linh are privileged to have AG&P LNG and Nebula Energy as our partners as we work towards unlocking the potential LNG demand across multiple sectors and help reinforce energy security in the country."
Earlier this week, Cai Mep LNG launched the Expression of Interest (EOI) for supplying commissioning LNG cargo to the Terminal. The tender for the commissioning cargo is to be issued early June and awarded by end June 2024.
About AG&P LNG
AG&P LNG is a global leader in developing and running LNG and gas logistics and distribution solutions. AG&P provides the infrastructure to access natural gas safely and easily in new and growing markets. We act as an owner and service provider covering the development, financing, engineering, procurement, project management and construction of onshore and offshore gas infrastructure, linking suppliers to downstream customers. www.agplng.com
About Nebula Energy
Nebula Energy is a fully integrated investment, development, shipping and asset management organization that delivers creative and value-added resource solutions to utilities, private sector companies, cooperatives and municipalities to accelerate the transition to renewable energy.
Our projects provide significant social, environmental and economic value by reducing emissions, lowering carbon footprint, and enhancing the overall reliability of energy infrastructure. In developing countries, Nebula Energy provides the capital required for total energy solutions for critical energy to help bridge the gap between supply and demand. www.nebulaenergy.net
About Hai Linh Company
Established in 1999, Hai Linh Company Limited is a private enterprise involved in import, export and distribution of oil, gas and petroleum products. The company is one of the domestic licensed wholesale petroleum importers in Vietnam. In 2022, Hai Linh Co., Ltd. ranked 68th among the 500 largest enterprises in Vietnam and ranked 33rd among the 500 largest private enterprises in Vietnam.
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