PV GAS and AES signs “a joint venture agreement on establishment and operation of Son My LNG Terminal Co.Ltd”
Petrovietnam Gas Joint Stock Corporation (PV GAS) and the US-based AES Corporation on September 22 signed a joint venture agreement on establishment and operation of Son My LNG Terminal Co.Ltd in New York, the U.S. It was one of activities held on the sideline of the conference on the occasion of the Socialist Republic of Vietnam’s President Nguyen Xuan Phuc attending the high-level general debate of the General Assembly’s 76th session.
Mr. Nguyen Thanh Binh - Deputy General Director of PV GAS and Mr. Bernerd Da Santos - Senior Vice President and Chief Operating Officer of AES signed the agreement which was witnessed by senior leaders of the stakeholders.
Son My LNG Terminal Project is a part of the chain of LNG-to- power projects in Binh Thuan Province, with an estimated total investment of US$1.31 billion and the capacity of 3.6 million tons/year (in the first phase and up to 9 million tons in the next phase). The terminal will receive, process and supply regasified LNG as the fuel for two Son My 1 and Son My 2 power plants which are expected to be put into operation by the end of 2025.
AES Corporation (AES) in Virginia State, the U.S, is named in the Fortune magazine’s (500 Fortune) list of 500 largest US companies and among the world's leading power companies. AES has many experiences in building electrical and gas infrastructure. In Vietnam, AES has been operated successfully and effectively since 2010 and has invested in the Mong Duong 2 coal-fired thermal power plant with the capacity of 1150 MW in Quang Ninh Province. Currently, AES has also been approved by the Government to be the investor of Son My 2 Power Plant Project using LNG. AES Corporation has contributed the capital with PV GAS to establish Son My LNG Terminal Co.Ltd.
PV GAS and AES promise to be determined to accelerate the cooperation progress, including developing the Son My LNG Terminal Co.Ltd 's charter for starting its operation in November.