Wednesday, November 13, 2019
Samsung C&T to Build Vietnam’s First LNG Terminal
A US$179.5 Mil. Project
Samsung C&T to Build Vietnam’s First LNG Terminal
  • By Michael Herh
  • June 26, 2019, 13:12
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Oh Se-chul (center in the front row), head of the plant business unit and vice president at Samsung C&T, poses for a photo with officials from PetroVietnam Gas at the signing ceremony for the Thi Vai LNG Terminal project on June 24.

Samsung C&T's construction unit announced on June 25 that it has won the Thi Vai LNG Terminal construction project, which was awarded by Vietnam's state-run gas firm PetroVietnam Gas Corp.

The company said it has formed a consortium with the local company PetroVietnam Technical Services Corp. (PTSC) to win the project.

The total cost of the project is US$179.5 million (208.13 billion won), and Samsung C&T’s share is about 61 percent or an estimated value of US$109.5 million (127 billion won). The total period of construction is 40 months. Work is scheduled to begin on June 30 this year and complete in October 2022.

The Thi Vai LNG Terminal is the first LNG terminal to be built in Vietnam. It is to be built in a coastal area about 70 kilometers southeast of Vietnam’s largest city Ho Chi Minh City. The project includes building an 180,000-square-meter LNG tank, a vaporization transmission facility, and a berth facility. The latest project will help Samsung C&T to secure facilities to supply fuel to the Nhon Trach combined thermal power plant to be set up in the future.

Samsung C&T has continued to successfully perform in the LNG terminal market in Southeast Asia, with an accident-free completion of the Singapore LNG terminal stages 1 to 3 and the Malaysian RGT-2 LNG terminal project.