PV GAS, AES Corporation sign deal on Son My LNG import terminal project

The online signing of the term sheet of the joint venture agreement for the development of the Son My LNG Import Terminal Project on October 28 (Photo: VNA)

Hanoi (VNA) – The PetroVietnam Gas Joint Stock Company (PV GAS) and the US-based AES Corporation have signed the term sheet of the joint venture agreement for the development of the Son My LNG Import Terminal Project - a project with a total investment cost of 1.4 billion USD. 

This signing, which was held virtually on October 28 on the sidelines of the Indo-Pacific Business Forum, came near the one-year anniversary of the historic agreement the AES Corporation signed with the Vietnamese government to build the 1.8-billion-USD Son My 2 combined cycle gas turbine (CCGT) power plant.

PV GAS General Director Duong Manh Son and Executive Vice President and Chief Operating Officer of the AES Corporation Bernerd Da Santos inked the deal under the witness of officials from the Vietnamese and US governments.

The Son My LNG Import Terminal Project will help meet the demand for gas and power in the southern key economic region and the whole country in general, thereby ensuring national energy security, Son said.

The Son My LNG Import Terminal Project will be located in the south central province of Binh Thuan with the total capacity of up to 450 TBtu, to supply gas to newly built gas-fired power plants of about 4,500 MW, other existing gas-fired power plants, and industrial customers. Together, the 2.2 gigawatts power plant and terminal will play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG as well as meeting the country’s increasing demand for sustainable and affordable electricity./.