AG&P LNG, a subsidiary of Nebula Energy Group, has announced the acquisition of a 49% stake in the Cai Mep LNG Port in Ba Ria – Vung Tau province, Vietnam. The Cai Mep LNG Port has a value of $500 million and a capacity of 3 million tons per year, with potential to upgrade to 6 million tons per year. It is one of two LNG ports in Vietnam currently.
The Cai Mep LNG Port, invested by Hai Linh Co., Ltd., a leading petroleum products trader in Vietnam, is expected to be operational in the third quarter of 2024. The port will supply LNG to power plants and industries in the Southern region.
According to the investor, the Cai Mep LNG Port is connected via pipelines to the largest power complex in Vietnam, the Phu My Industrial Zone, with a gas-fired power capacity of 3.9 GW. The port, strategically located near the Mekong Delta, has three onshore storage tanks with a total capacity of 220,000 m3 of LNG and a delivery system that can load LNG into tanks and supply LNG to smaller ships. With 14 fueling stations for CNG and LNG container trucks, the Cai Mep LNG Port is conveniently connected to multiple highways to reliably supply LNG to nearby key areas.
Photo: Signing ceremony on March 7, 2024.
AG&P LNG, the buyer of the 49% stake, is a global leader in developing and operating gas and LNG logistics and distribution solutions. It provides infrastructure for safe and easy access to natural gas in emerging and growing markets.
Nebula Energy Group is an organization involved in various sectors including investment, development, transportation, and asset management. It specializes in providing innovative resource and value-added solutions for utilities, private companies, cooperatives, and cities to accelerate the transition to renewable energy.
Karthik Sathyamoorthy, CEO of AG&P LNG, commented: “The Cai Mep LNG Port will play a vital role in enhancing energy security and opening a new chapter in Vietnam’s energy transition journey. Located strategically, the Cai Mep LNG Port will provide reliable LNG supply to numerous nearby power plants, including the Hiệp Phước power plant being built by Hai Linh Co., Ltd, and industries in the Southern region.”
Lê Văn Tám, General Director of Hai Linh Co., Ltd, stated that through cooperation with AG&P LNG, the company can expedite the startup and operation of the port and LNG storage activities to meet the increasing demand for LNG in Vietnam.
