A Look Back on When Thi Vai LNG Terminal Underwent Due Diligence
That Petrovietnam Gas Corporation (PV GAS) received the first LNG shipment into Vietnam did not only stir the domestic market but also resonated within the regional and international communities. The global energy sector, in general, and specifically the Asia-Pacific region, closely followed and highly regarded the significant achievements resulting from PV GAS' perseverance and innovation, with its "200% effort" to navigate and perfect the challenging process in the best possible way.
The Very First Challenges
That PV GAS successfully handled the first vessel to pump LNG into the 1 MMTPA Thi Vai LNG Terminal and completed the commissioning process ahead of schedule was the ultimate result of the company’s extensive preparation and the relentless efforts. The process included countless tough steps: obtaining dredging permits to adjust channel depths, upgrading the terminal to accommodate 100,000 DWT vessels, securing the LNG import-export license, negotiating and signing Mater Sales & Purchase Agreements, etc.
One significant achievement to note is PV GAS' remarkable success in surpassing the Due Diligence and being highly praised for its LNG infrastructure - a prerequisite that enabled the company to gain approval from suppliers, allowing LNG vessels to unload, depart, and conduct cargo loading at PV GAS Vung Tau Terminal.
PV GAS worked with TotalEnergies.
PV GAS Strives to Meet International Standards for Terminal
Due Diligence results are intimately tied to the commercial aspect of LNG. In other words, with great results, the import prices of LNG will be more "flexible" as they will not bear an additional premium (risk-prevention costs assessed by the commercial team), which could directly impact domestic energy prices.
To overcome this entire rigorous assessment process, PV GAS devised a deployment plan featuring a series of in-depth specialized programs to surpass all inspections conducted by LNG majors.
Implementing a simulated cockpit plan for receiving LNG vessels
Site inspection and interviews at the Central Control Center
When conducting on-site inspections, experts from LNG majors examined the entire system to ensure they were designed, constructed, commissioned, and maintained according to both LNG industry standards and international benchmarks. With PV GAS' investment, the equipment at the terminal was recognized as meeting those, with many surpassing regional quality. It was all from all top brands in the industry.
Given the significant value of LNG vessels and shipments, any oversight, no matter how minor during operations, could lead to substantial human and material damages. Additionally, ensuring safety in handling the first LNG vessel required huge attention and support from maritime regulatory agencies in the preparations for its arrival.
On-site inspections at the terminal
Thanks to meticulous preparation, the 1MMTPA Thi Vai LNG Terminal successfully passed Due Diligence from leading global LNG suppliers like Shell, TotalEnergies, Cheniere, QatarEnergy LNG, and PetroChina, without any discrepancies. This demonstrates that PV GAS, with the spirit of "wholeheartedly serving the Homeland, serving the people," has made thorough preparations. This contributes to enhancing the credibility of the PV GAS Vung Tau Terminal specifically and PV GAS in general within the international energy community, making the arrangement of PV GAS' LNG supply sources more favorable.