PV GAS signs Vietnam's first term LNG supply agreement for 2027 – 2031
Petrovietnam Gas Joint Stock Corporation (PV GAS) has signed a term Liquefied Natural Gas (LNG) Sale and Purchase Agreement (SPA) with Shell Eastern Trading (Pte) Ltd (Shell Eastern LNG), a wholly owned subsidiary of Shell plc, covering the 2027–2031 period. The agreement is the outcome of PV GAS’s first international term LNG procurement package, for which supplier selection was completed in late 2025. It marks the first-ever term LNG supply agreement signed to serve the Vietnamese market.
With this agreement, PV GAS becomes the first Vietnamese company to satisfy all requirements for negotiating and executing a term LNG Sale and Purchase Agreement (SPA) in accordance with international LNG market standards and practices. The milestone not only represents a significant step forward in the development of Vietnam’s LNG market but also supports the Government’s strategy to diversify stable, long-term energy supplies, strengthen national energy security, and meet the growing fuel demand for power generation and economic development.
Maran Gas Achilles delivered the first LNG cargo supplied by Shell Eastern LNG for the commissioning of PV GAS’s Thi Vai LNG Terminal in July 2023.
As one of the world’s leading LNG suppliers, Shell delivered more than 72.9 million tonnes of LNG globally in 2025 and has extensive experience in executing long-term LNG supply agreements. In July 2023, Shell also supplied Vietnam’s first LNG cargo for the commissioning of PV GAS’s Thi Vai LNG Terminal, marking the beginning of the country’s LNG import era.
Shell Eastern LNG was selected through an open, transparent and competitive international tender process conducted in line with international best practices. The procurement attracted participation from a number of globally recognized energy companies, including leading LNG suppliers. The successful outcome reflects not only the growing attractiveness of Vietnam’s LNG market but also the increasing credibility, capability and standing of PV GAS within the regional and global LNG value chain.
The successful completion of the supplier selection process and execution of the 2027–2031 LNG Sale and Purchase Agreement further demonstrate PV GAS’s progress in integrating into the regional and global LNG value chain. Building on this achievement, PV GAS will continue to play a pioneering role in developing Vietnam’s LNG market by diversifying supply sources, enhancing business efficiency, and contributing to the country’s sustainable development goals and long-term energy security.