On 28 December 2021, JAPEX signed a share purchase agreement with ITECO JSC, a company to promote the project. Thus, it will further proceed with the share acquisition procedures.
The project involves the construction of an LNG Terminal in Hai Phong City, Vietnam. It also includes procurement, storage, and supply of LNG.
Moreover, the government approved this project to join the Gas Industry Development Master Plan on 11 February 2020.
The initial development plan includes the construction of a 50,000 cubic metres LNG storage tank and associated jetty facilities. These are capable of handling a volume of up to 650,000 metric tonnes of LNG annually.
The partners are currently working to make a final investment decision (FID), which should take place in the second half of 2022.
Besides, an additional LNG storage tank of 30,000 cubic metres is also planned for the latter half of the 2020s.
The facilities will start commercial operation in 2025. In alignment with the project, ITECO JSC is currently moving forward with discussions about LNG procurement as well as its offtake and distribution.