AG&P LNG buys 49 per cent stake in Cai Mep LNG Terminal

Fully constructed, the Cai Mep LNG Terminal was developed by Hai Linh Company Limited, a prominent petroleum product import terminal and trader in Vietnam.

The Cai Mep LNG Terminal has pipeline connectivity to Vietnam's largest power generation complex, the Phu My industrial zone, with a gas-fired capacity of 3.9 GW. The terminal is strategically located near the Mekong River Delta and has three onshore tanks with total capacity of 220,000 m3 of LNG storage, and LNG break-bulk capabilities that allow it to reload LNG into smaller vessels. With a total of 14 bays for CNG and LNG truck loading, Cai Mep LNG Terminal is well connected via multiple highways to several nearby demand centres to provide reliable access.

Karthik Sathyamoorthy, CEO of AG&P LNG, said, "Cai Mep LNG Terminal will play a pivotal role in enhancing energy security, paving the way for energy transition in Vietnam. Strategically located, Cai Mep LNG will enable reliable LNG access to multiple power plants in its vicinity, including Hai Linh's Hiep Phuoc Power Plant - currently under construction - and to industries in the south of Vietnam. The AG&P LNG team has already worked closely with the Cai Mep LNG Terminal team to operationalise the terminal by Q3 2024. We are privileged to work with Hai Linh and make LNG available quickly and safely to the Vietnam market."

Le Van Tam, CEO of Hai Linh Company Limited, said, "The rapid industrialisation and strong economic growth currently being experienced in Vietnam are expected to generate strong gas demand growth led by the power and industrial sectors, combined with the balanced LNG supply market. We are very excited to welcome AG&P LNG as a shareholder in Cai Mep LNG Terminal Company."

Sam Abdalla, CEO of Nebula Energy and vice chairman of AG&P LNG, said, "Following our recent acquisition of a majority stake in AG&P LNG, we are very excited to invest in Vietnam's flagship 3 MTPA Cai Mep LNG Import Terminal. This investment will enable us to commercialise LNG supply, transportation, and delivery of LNG molecules through our integrated ecosystem. Once operational, the Cai Mep terminal will serve multiple power plants and industries in the region to meet the country's surging demand for reliable and clean energy."

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