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PV Gas, US firm get investment registration certificate for Son My LNG terminal

May 15, 2022 | 11:00 pm PT
PV Gas and U.S. firm AES have received the investment registration certificate for Son My LNC terminal, which is expected to begin commercial operations in 2026.

The investment registration certificate is a major enabler for the establishment of the Son My LNG terminal project company. The terminal will have an installed capacity of 450 trillion British thermal unit (TBtu) and represents a total investment of about $1.4 billion.

"This is an important milestone for the development of the Son My LNG terminal project, which will supply liquified natural gas (LNG) to southern Vietnam and play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG," said David Stone, president of AES Vietnam.

representatives of AES and PetroVietnam Gas JSC (PV Gas) were granted an Investment Registration Certificate for the Son My LNG terminal project.

Representatives of AES (L) and PetroVietnam Gas Joint Stock Company (R) were granted an Investment Registration Certificate for the Son My LNG terminal project. Photo by PV Gas

The Son My LNG terminal complements AES’s project in the Son My 2 Combined Cycle Gas Turbine (CCGT) power plant. Together, the plant and the terminal affirm AES’s commitment to Vietnam’s economic growth and energy transition through the development of gas and renewable infrastructure, while helping Vietnam to meet its energy transition goals and increasing demand for sustainable and affordable electricity.

In November 2017, AES signed a memorandum of understanding (MoU) with PV Gas in the presence of U.S. President Donald J. Trump and Vietnamese President Tran Dai Quang to develop the $1.3-billion Son My LNG terminal project. In November 2019, AES also signed an MoU with the Ministry of Industry and Trade to develop a 2.2-gigawatt CCGT power plant under the build-operate-transfer (BOT) scheme in Binh Thuan Province.

In October 2020, AES Vietnam and PV GAS inked a term sheet of the joint venture agreement for Son My LNG terminal. Together, the CCGT and terminal are expected to play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG and meeting the country’s increasing demand for sustainable and affordable electricity.

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. The company delivers the greener, smarter energy solutions the world needs through innovation and operational excellence, while partnering with customers on their strategic energy transitions and continuing to meet their energy needs today.

AES has been one of the leading companies in the energy industry with cutting-edge technologies in LNG to power, renewables, digital innovation, and battery energy storage, while creating the greener, smarter energy solutions the world demands.

AES has extensive experience in developing LNG to power projects, including LNG terminals in the Dominican Republic in 2003 and in Panama in 2018, which have been providing cleaner, more cost-effective and sustainable energy solutions for the Caribbean and central America.

AES, through its subsidiary, AES Mong Duong Power Company Limited, has developed and arranged financing for the Mong Duong 2 Power Project of 1,242 MW with total investment of approximately $2.1 billion. This is Vietnam’s only BOT coal-fired power project, representing approximately 2.3 percent of the country’s installed capacity.

To learn more, visit www.aes-vietnam.com.

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