Korea’s Samsung C&T Corp. in a consortium with Vietnam’s PetroVietnam Technical Services has secured a $179.5 million project to build the Southeast Asian country’s first liquefied natural gas (LNG) terminal.
Samsung C&T’s share in the LNG construction project is about 61 percent or estimated value of $109.5 million, according to the company on Tuesday. The order was placed by Vietnam’s state-run utility company PetroVietnam Gas Corp.
The LNG terminal, named Thi Vai LNG Terminal, is to be built in a coastal area about 70 kilometers southeast of Vietnam’s largest city Ho Chi Minh City. The project includes building an 180,000-square-meter LNG tank, a vaporization transmission facility, and a berth facility. Construction is scheduled to begin on June 30 and complete in October 2022.
Thi Vai LNG Terminal will supply fuel to the Nhon Trach combined-cycle thermal power plant, which another state utility firm PetroVietnam Power Corp. is preparing to launch.
Vietnam plans to have six LNG terminals by 2035 to meet fast-growing power demand by utilizing offshore natural gas reserves. Samsung C&T anticipates its latest win could lead to additional orders in the country