On March 7th, AG&P LNG (Singapore-based Atlantic, Gulf and Pacific LNG), a subsidiary of Nebula Energy Group (USA), announced its acquisition of a 49% stake in the LNG Port of Cai Mep in Ba Ria – Vung Tau province. The value of the deal was not disclosed.
Mr. Le Van Tam – CEO of Hai Linh Company (left) and Mr. Karthik Sathyamoorthy – CEO of AG&P LNG (right) at the signing ceremony
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According to Reuters, Mr. Karthik Sathyamoorthy – CEO of AG&P LNG said that the group aims to start its port operations by supplying LNG via trucks to industrial customers in southern Vietnam around September. He also mentioned that industrial customers include steel and textile manufacturers.
This will be Vietnam’s second operational LNG port, following the Thị Vải LNG Port operated by Vietnam Gas Corporation Limited (HOSE: GAS) also in Ba Ria – Vung Tau province.
According to AG&P LNG executives, the Cai Mep Port is currently in the pre-commissioning phase and will proceed with test cargo imports for 2 to 3 months before the first gas delivery in September. In addition to LNG road trucking, the facility also has the capability to transport bulk cargo, allowing LNG to be reloaded onto smaller vessels for transportation.
The port is connected by pipeline to the Phu My Industrial Zone and will ultimately supply the under-construction Hiep Phuoc Power Plant of Hai Linh Company. The power plant is expected to start generating electricity between September and October 2025, Mr. Sathyamoorthy shared.
In addition, AG&P LNG has formed a joint venture with Hai Linh Company called Vietfirst LNG Trading, for LNG business and imports. This joint venture is expected to receive import license within the next 6 weeks.
The LNG Port of Cai Mep Joint Stock Company was recently incorporated in May 2023 by Mr. Le Van Tam and Mrs. Nguyen Thi Hai, based in Phu Tho province. Its main business activity is wholesale trading of petroleum, grease, engine-related products; wholesale trading of natural gas and related products (including LNG). The company has a charter capital of VND 3,800 billion, with 3 founding shareholders including Mr. Le Van Tam (Director and legal representative) owning 83.624%, Mrs. Nguyen Thi Hai owning 13.745%, and Hai Linh Company owning 2.632%.
Mr. Tam is known as a major petroleum trader in Phu Tho province, where he owns the largest castle in the local area with a value of billions VND.
Mr. Le Van Tam’s billion-VND castle in Phu Tho province.
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Who is Hai Linh Company?
Hai Linh Company is the core enterprise in Mr. Tam and Mrs. Hai’s business ecosystem with nearly a dozen subsidiaries. The company was founded on July 18th, 2022, based in Phu Tho province; its main business activity is wholesale trading of petroleum, grease, engine-related products; wholesale trading of natural gas and related products (including LNG).
On March 31st, 2023, from its charter capital of VND 4,550 billion, the company split into Hai Linh Company with a capital of VND 1,350 billion and LNG Port of Cai Mep Company with a capital of VND 3,200 billion. The ownership structure of both companies after the split is the same, with Mr. Tam owning 85.884% and Mrs. Hai owning the remaining 14.116%.
On July 18th, 2023, the LNG Port of Cai Mep changed its legal form to a joint stock company and adopted the new name Cai Mep LNG Port Joint Stock Company, with its capital increased to VND 3,201 billion. The shareholders include Mrs. Nguyen Thi Bich Ngoc with 0.031%, and Mr. Tam with 85.857% and Mrs. Hai with 14.112% ownership.
A few days later, on July 21st, the company reverted to the limited liability company model and reused the name Cai Mep LNG Port Company Limited. At this time, 100% of the ownership is held by Cai Mep Port Company Limited (established on July 13th, 2023), with Mr. Tam serving as Chairman and CEO as well as legal representative.
Mr. Tam is also involved in several other businesses including Hiep Phuoc Power Company Limited, Hai Linh Petroleum Joint Stock Company Hai Phong Branch, Hai Linh Petroleum Joint Stock Company Vung Tau Branch, Hai Linh Petroleum Joint Stock Company Cai Mep Branch, Vietfirst LNG Trading Joint Stock Company, Vietfirst Gas Joint Stock Company.
