September 23, 2021 | 19:33 GMT+7

Joint venture agreements for Son My LNG Terminal Project handed over

Tra My - Chu Khôi -

Terminal will complement AES’s investment plan in Vietnam’s gas infrastructure.

President Nguyen Xuan Phuc, AES and PV Gas representatives at the ceremony - photo from VGP
President Nguyen Xuan Phuc, AES and PV Gas representatives at the ceremony - photo from VGP

During State President Nguyen Xuan Phuc’s visit to the US to attend the UN General Assembly’s 76th session, the AES Corporation and the PetroVietnam Gas Joint Stock Corporation held a handover ceremony of commercial agreements for the joint stock venture of the Son My LNG Terminal project.

The agreements are an important milestone for the development of Son My LNG (liquefied natural gas) Terminal and the Son My 2 CCGT (combined cycle gas turbine) Power Plant, said Mr. David Stone, President of AES Vietnam.

The Son My LNG Terminal Project has a total installed capacity of 450 TBtu with total investment of about $1.4 billion, and financial procedures are expected to be completed in 2022 and commercial operations started in 2026.

The terminal will provide Vietnamese customers with cleaner and more reliable energy sources at more affordable prices. This project will play an important role in supporting Vietnam’s energy transition and economic growth.

The Son My LNG Terminal Project complements AES’s investment plan in the country’s gas infrastructure, along with the 2.2GW Son My 2 CCGT Power Plant, which is worth $1.8 billion.

With this combination, the power plant and LNG terminal will play an important role in shaping Vietnam’s energy future by diversifying energy sources in combination with imported LNG as well as satisfying the country’s growing demand for affordable and sustainable electricity.