JAPEX withdraws from Vietnam LNG terminal project
Japan Petroleum Exploration Co., Ltd has decided to withdraw from a project to construct an LNG terminal in the northern part of the Socialist Republic of Vietnam, which had been considering for commercialisation through its affiliate ITECO JOINT STOCK COMPANY (ITECO JSC). Moreover, JAPEX will transfer all JAPEX's shares in ITECO JSC to ITECO JSC's business partners.
The project, for which feasibility studies commenced in January 2022, involves constructing an LNG terminal (including berthing facilities capable of receiving and dispatching up to 650 000 tpy of LNG and a 50 000 m3 LNG storage tank) in the Nam Dinh Bu Industrial Park in Hai Phong City, Vietnam, with plans for LNG procurement, storage, and supply. Since acquired shares in October 2022, JAPEX had been looking into base foundation designs, potential customer development, and candidate suppliers. However, JAPEX has now concluded that it is difficult for the company to secure the economics of the project and therefore has decided to withdraw from the project.
In Vietnam, following selection for the FY2025 ‘International Demonstration Project on Japan's Technologies for Decarbonization and Energy Transition’ by the New Energy and Industrial Technology Development Organization (NEDO), JAPEX will conduct a feasibility study on energy services using LNG for industrial parks in Hai Phong City and other locations.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03032026/japex-withdraws-from-vietnam-lng-terminal-project/
Content Original Link:
" target="_blank">
