Japan Petroleum Exploration Co., Ltd. (JAPEX) will participate in the project to construct a liquefied natural gas (LNG) terminal in the northern part of the Socialist Republic of Vietnam. JAPEX recently signed a share purchase agreement with ITECO JOINT STOCK COMPANY (ITECO JSC), a company to promote the project, and will further proceed with the share acquisition procedures.
The project involves the construction of an LNG Terminal in the Nam Dinh Vu Industrial Park in Hai Phong City, Vietnam, and procurement, storage, and supply of LNG. This project, including the Northern Vietnam LNG Terminal, was approved by the government to be added to the Gas Industry Development Master Plan on February 11, 2020.
The facilities to be constructed in the project are planned to commence commercial operation in 2025. In alignment with the project, ITECO JSC is currently moving forward with discussions about LNG procurement as well as its offtake and distribution.
JAPEX will respond to the demand for natural gas and LNG as a lower environmental impact energy source in Japan and abroad, utilizing the capabilities in domestic natural gas supply, such as LNG terminal operations and gas supply chain establishment.