Inauguration of the largest LNG port warehouse in Vietnam

Deputy Prime Minister Tran Luu Quang and delegates cut the ribbon to inaugurate the 1 million ton/year Thi Vai Liquefied Natural Gas (LNG) Terminal - Photo: VGP/Hai Minh

Speaking at the ceremony, Deputy Prime Minister Tran Luu Quang emphasized: The project, invested in and put into operation by the Vietnam National Oil and Gas Group ( Petrovietnam ), is an important item contributing to realizing the Party and Government's policy on orientation and planning for overall national energy development, shifting energy towards green, clean and sustainable direction.

The project will pave the way for the largest imported LNG product (1 million tons) to be available in the Vietnamese market, officially putting Vietnam on the global LNG map and marking an important step in the process of energy transition towards green, clean and sustainable.

Recognizing and appreciating Petrovietnam's development results in gas infrastructure and services, the Deputy Prime Minister stated that the Power Plan VIII determines that by 2030, the total capacity of LNG gas power plants will be 22,400 MW, accounting for nearly 15% of the total power source capacity, while Vietnam only has 1 LNG Thi Vai gas storage with a capacity of 1 million tons/year and the Group is completing the construction of 2 Nhon Trach 3 and 4 gas power plants using LNG gas from the LNG Thi Vai gas storage.

LNG electricity is also a new field in Vietnam, so there will be certain difficulties and obstacles in terms of policy mechanisms, so it is necessary to have the attention and investment of Petrovietnam as well as the support of ministries, branches and localities in the process of implementing gas electricity projects.

Deputy Prime Minister Tran Luu Quang listens to an introduction to the operation process of Thi Vai LNG Port Warehouse - Photo: VGP/Hai Minh

To effectively implement the goals of LNG power development according to approved plans, the Deputy Prime Minister requested Petrovietnam and its member units to: (1) accelerate the investment in the construction of Nhon Trach 3 and 4 Power Plants to soon put the entire Thi Vai LNG Power Chain into synchronous operation; (2) continue to study the investment in phase 2, increasing the capacity of the Thi Vai LNG warehouse project to 3 million tons/year according to the approved plan; (3) at the same time accelerate the investment in the Son My LNG Power Center Project and other key projects of the oil and gas industry.

Deputy Prime Minister Tran Luu Quang affirmed that the Government and the Prime Minister will always accompany, create the most favorable conditions and environment, support Petrovietnam, its member units and all other investors in investing and developing energy and oil and gas projects, especially green, clean and sustainable energy in accordance with the Party's guidelines and the State's policies and laws.

Sending congratulations, health and success wishes to all officials and workers in the oil and gas industry on this occasion, the Deputy Prime Minister hopes that PetroVietnam will always maintain its role as the country's leading economic group, leading the Vietnamese gas industry, and continue to make positive contributions to the country's industrialization and modernization.

Deputy Prime Minister Tran Luu Quang presents gifts to PV Gas workers - Photo: VGP/Hai Minh

According to Petrovietnam, the gas industry is currently one of the main development pillars of the Group, in which PV GAS is the key enterprise, leading the gas industry of the whole country, annually supplying approximately 5.7 million tons of gas as raw material and input fuel for electricity, fertilizer and industrial production.

In addition, the Gas - Electricity - Fertilizer industrial clusters that Petrovietnam developed in the Southeast and Southwest regions have contributed to solving the power supply for the national power system, and self-sufficient in nitrogen fertilizer supply for the country's agricultural development.

Faced with the current situation of energy supply depending on reserves and domestic exploitation capacity as well as responding to the trend of energy transition and emission reduction in Vietnam, many years ago Petrovietnam proactively researched, developed and diversified new green and clean energy sources, including imported LNG energy sources, realizing the LNG target in the national energy strategy as well as building related policy mechanisms.

The inauguration of Vietnam's first and largest LNG port will meet the goal of ensuring energy security, transitioning and greening national energy sources.

It is possible to supplement and supply about 1 million tons of gas annually from imported sources, in addition to the domestic gas source being exploited, the 1 million ton LNG warehouse at Thi Vai has put Vietnam's name on the global LNG map, officially becoming a country participating in the "LNG Value Chain", participating in business activities, LNG import and export.

This is also a clear demonstration of Petrovietnam's efforts in strongly promoting integration into international trade activities, LPG and LNG business on a regional and global scale, and joining the global energy flow.

This project is also a breakthrough for Petrovietnam's success in diversifying products, new energy, expanding markets in the global energy transition trend, contributing to ensuring energy security for development, meeting Resolution 55-NQ/TW dated February 11, 2020 of the Politburo on the Strategic Orientation of Vietnam's National Energy Development to 2030, with a vision to 2045.

Through the LNG Terminal project chain, Petrovietnam will continue to take the lead in implementing the "green transformation" roadmap, actively accompanying the Government to bring net emissions to zero by 2050 as committed at the COP26 Conference.

Source: https://baotainguyenmoitruong.vn/khanh-thanh-kho-cang-lng-lon-nhat-tai-viet-nam-365111.html