PetroVietnam Gas Corporation (PV Gas) is moving forward with plans to enhance Vietnam’s energy security by introducing a floating storage and regasification unit (FSRU) as part of its long-term strategy to provide stable and sustainable LNG solutions for power generation over the next five years.
In a recent meeting with Vietnam Electricity (EVN), PV Gas pledged to boost 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, starting in March 2025. This increase is aimed at supporting EVN in meeting higher power demand during the dry season, when electricity consumption typically surges.
Looking ahead, PV Gas also plans to deploy an FSRU at Vung Tau Port between 2026 and 2029. The unit is expected to have a storage capacity ranging from 135,000 to 174,000 Sm³ of LNG and a regasification capacity of up to 14 million Sm³ per day. Once operational, this addition would raise the total regasification capacity to 22 million Sm³ per day, significantly strengthening Vietnam’s ability to ensure a reliable LNG supply for its power sector during peak demand periods.
PV Gas describes this move as a strategic step to ensure flexibility and stability in LNG supply, reinforcing Vietnam’s energy infrastructure.
The Thi Vai LNG terminal, officially launched in October 2023, is already undergoing expansion. PV Gas is working to triple its annual capacity from one million tons (mtpa) to three mtpa by 2029, under its second development phase. This expansion will not only increase the gas supply for power generation but also help stabilize electricity prices across the country.
In line with these developments, PV Power earlier this year successfully conducted the first firing of Vietnam’s inaugural LNG-fired power plant, Nhon Trach 3. This progress reflects the government’s push — led by the Prime Minister — to accelerate LNG project commercialization, despite previously announced delays.