Vietnam's PV GAS Seeks Second Long-Term LNG Contract Amid Energy Diversification Push

PV GAS, Vietnam's state-owned gas subsidiary Petrovietnam, is seeking to secure its second long-term liquefied natural gas (LNG) supply contract for its Thi Vai terminal.

The move follows the conclusion of a first term contract with Shell Eastern Trading, a wholly owned subsidiary of Shell plc, which represents the first multi-year LNG purchase commitment ever signed by a Vietnamese company.

The Thi Vai terminal, operated by PV GAS and commissioned in 2023, serves as the physical entry point for these supplies. It currently operates at a fraction of its eventual targeted capacity, with an expansion long announced but without a stabilized final timeline.

PV GAS has recently increased the site's technical processing capacity, a milestone toward its broader expansion goal. Downstream, gas delivered to Thi Vai feeds notably the Nhon Trach 3 and 4 power plants, operated by PV Power (Vietnam Oil and Gas Power Corporation), a Petrovietnam subsidiary.