US-based liquefied natural gas (LNG) importer Excelerate Energy has signed a term sheet with ITECO Joint Stock Company, a private Vietnamese development firm, to jointly develop a new LNG import terminal in Haiphong, Vietnam.
The Northern Vietnam LNG Terminal (NVLT), which will have a total import capacity of 1.2 million tonnes per annum (mtpa), will be built in two phases. The first phase, with a planned capacity of 0.7 mtpa, is projected to begin operations in 2027. The advancement of the project depends on finalizing agreements, obtaining regulatory approvals, and meeting other conditions.
The terminal aims to improve energy infrastructure in northern Vietnam and address regional energy demands. ITECO had previously signed a share purchase agreement with JAPEX to advance the project in late 2021, with hopes of reaching a final investment decision (FID) in the latter half of 2022.
The initial development plan includes a 50,000 cubic meter (cbm) LNG storage tank, designed to handle up to 650,000 metric tonnes of LNG annually, along with associated jetty facilities. An additional 30,000-cbm storage tank is planned for the later part of the 2020s.
Additionally, Excelerate’s floating storage regasification unit (FSRU), the Excelsior, is scheduled to service Germany’s Wilhelmshaven 2 LNG terminal. The 138,000-cbm FSRU is expected to be stationed at a new island jetty in Jade Bay, northwestern Germany, by late 2024. The natural gas vaporized at this unit will be delivered to shore via ECOnnect Energy’s IQuay F-Class System and integrated into the Open Grid Europe (OGE) gas grid.
(Source: Offshore Energy)
