Vietnam’s energy security getting a boost with FSRU addition

PetroVietnam Gas Corporation (PV Gas) is proposing to add a floating storage and regasification unit (FSRU) to the country’s liquefied national gas (LNG) terminal as part of its plan to provide what it says stable and sustainable gas source solutions for power generation in Vietnam in the next five years.

During a meeting with Vietnam Electricity (EVN), PV Gas committed to increasing the regasification capacity of its Thi Vai LNG terminal from 5.7 million standard cubic meters (Sm3) per day to 7 million Sm3 per day from March 2025. This is envisaged to help EVN ensure reserve capacity in the upcoming dry seasons when the electricity demand is high.

The Vietnamese player also intends to deploy an FSRU at the Vung Tau port 2026–2029. The FSRU is set to have a capacity between 135,000 and 174,000 Sm3 of LNG and a regasification capacity of up to 14 million Sm3 per day, bringing the system’s total regasification capacity to 22 million Sm3 per day.

PV Gas describes this as a strategic step, ensuring a stable and flexible LNG supply for the national power generation system during peak periods.

The Thi Vai LNG terminal was inaugurated in October 2023. PV Gas says it is ramping up the investments needed to increase its original capacity of one million tons per annum (mtpa) to three mtpa by 2029 as part of its Phase 2. This is expected to increase gas supply capacity for power plants and contribute to stabilizing electricity prices.

Earlier this year, PV Power carried out the initial firing of the country’s first LNG power plant, the Nhon Trach 3 LNG power plant. This is in line with the request by the country’s Prime Minister to step up the ante on starting the commercial operation LNG projects amid the announced delays.