VN to import LNG next year

VGP – Việt Nam may have to import liquefied natural gas (LNG) from 2012 to meet local rising demand, according to the PetroVietnam’s recent forecast.

February 18, 2011 4:27 PM GMT+7

PV Gas, a PetroVietnam’s affiliate, said that it is quickly preparing necessary conditions for importing around one million ton of LNG annually.

Accordingly, a LNG depot will be built with an estimation cost of US $500 million in the Thị Vải deep seaport, southern province of Bà Rịa-Vũng Tàu. The project is expected to come into operation by 2013.

PV Gas is also finalizing a report on site inspection for construction of a three-million-ton ashore storage system in 2015 and submit it to the Government for approval in May this year.

The import of LNG may be a big challenge for Việt Nam as it requires huge investment while the world price of LNG is three times higher than that in Việt Nam.

By Hải Minh