PV GAS inks Vietnam’s first term LNG supply agreement for 2027 – 2031
On 30 June 2026, Petrovietnam Gas Joint Stock Corporation (PV GAS) signed a term LNG sale and purchase agreement with Shell Eastern Trading (Pte) Ltd (Shell Eastern LNG), a wholly owned subsidiary of Shell plc. The agreement is the outcome of PV GAS’ tender for its LNG Term Procurement Package No. 01 in late 2025 and covers the 2027–2031 period.
The agreement marks a historic first for both PV GAS and Vietnam. It is the country’s first-ever term LNG purchase, signaling a major step forward in Vietnam’s energy sector. With this milestone, PV GAS becomes the first domestic enterprise to obtain all conditions and be able to enter into term commitments and comply with industry standards of the global LNG market. The agreement also underscores the Vietnamese Government’s push to secure stable and diversified energy sources for national development, especially in power generation.
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.
Shell, one of the world’s leading LNG suppliers, delivered over 72.9 million tons of LNG in 2025 and has a strong track record in long-term LNG supply contracts. Shell also supplied the first ever cargo into Vietnam for the commissioning of PV GAS’ Thi Vai LNG Terminal in July 2023, laying the foundation for Vietnam’s LNG import activities.
Shell Eastern LNG was selected as the result of a fully open, transparent, and competitive international bidding process, aligned with international practices. The procurement attracted strong interest and participation from a large number of international LNG suppliers, including leading energy companies, thus reflecting the growing attractiveness of Vietnamese market and the initial establishment of PV GAS’s credibility in the international LNG sector.
The successful tender process and execution of the SPA demonstrate not only PV GAS’s capability in conducting LNG supplier selection in accordance with international standards, but also its reputation in the regional and global LNG market, thereby making PV GAS emerge as a reliable and efficient LNG importer who can secure competitively sourced LNG in the future for Vietnam users.