Son My LNG Terminal
|This article is part of the Global Fossil Infrastructure Tracker, a project of Global Energy Monitor.|
Son My LNG Terminal is a proposed LNG terminal in Binh Thuan Province, Vietnam.
The map below shows the location of Sơn Mỹ commune, in Hàm Tân district, Bình Thuận province.
- Owner: PetroVietnam
- Location: Sơn Mỹ commune, Hàm Tân district, Bình Thuận province, Vietnam
- Coordinates: 10.65008, 107.68464 (approximate)
- Type: Import
- Capacity: 3.6 mtpa, 0.52 bcfd
- Financing: Potential loan of US$3.2 billion from Export-Import Bank of the United States and the U.S. Development Finance Corporation for Son My LNG Terminal and Son My 2 gas power plant
- Status: Proposed
- Start Year: 2026-2027
Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day
In 2011, PetroVietnam announced a 3 million mtpa LNG terminal at Son My in southern Vietnam.
In 2015, PetroVietnam Gas submitted a feasibility study for the Son My terminal in Binh Thuan central province. The US$1.3 billion project was expected to have a capacity of 3.6 million tons per year by 2020, which would be raised to 6 million tons per year by 2025 and 10 million tons per year after 2025.
In March of 2018 the Vietnamese government announced that EDF Energy would lead an international consortium in charge of the project. EDF will hold a 37.5 per cent stake in the project and is the leader of the consortium, which comprises Vietnam's Pacific Corp. (25 per cent) and Japanese partners Sojitz (18.75 per cent) and Kyushu (18.75 per cent). As of March 2018, Vietnam is targeting to build the Son My terminal, with a capacity of 1 million-3 million mt/year, between 2023 and 2025, as part of the government's 2035 gas market development master plan. The 2,000-MW Son My 1 project in the Binh Thuan coastal province is expected to be commissioned by 2023-2024. In October 2019 AES Corporation received approval from the government to build the terminal, with construction expected to start in 2021.
In September 2020, it was announced that the expected start-up year had been pushed back to 2026 or 2027.
In October 2020, the Export-Import Bank of the United States and the U.S. Development Finance Corporation presented the project sponsors with a Letter of Interest for a loan of US$3.2 billion to cover the construction costs of both the Son My LNG Terminal and the Son My 2 gas power plant. Financial close for the project is foreseen for 2021.
Articles and resources
- "FACT SHEET: 2019 Indo-Pacific Business Forum Showcases High-Standard U.S. Investment," U.S. Embassy and Consulate in Vietnam, Nov. 3, 2019
- Linh Pham, AES, PetroVietnam set up joint venture for US$1.4 billion LNG terminal, Hanoi Times, Oct. 29, 2020
- Khanh Vu, Factbox: Vietnam ramps up plans for LNG import terminals, power plants Market Screener, Sep. 9, 2020
- "PetroVietnam expects approval for LNG terminal project next week," Platts, 31 May 2011
- Toan Dao, "Vietnam’s first $286 million natural gas import project postponed," VN Express, April 19, 2016
- "EDF to build new gas-fired power plant in Vietnam," Power Engineering International, April 9, 2018
- Martina Li, Vietnam builds first LNG terminal, Dredging and Ports, Nov. 20, 2019