American power producer AES and Vietnam-based PV Gas have signed a Memorandum of Understanding (MoU) to establish and operate Son My LNG Warehouse Co., Ltd., a special purpose vehicle for the Son My LNG Terminal project in Binh Thuan province of Vietnam.
Son My LNG Terminal Project is part of a chain of LNG power projects in Binh Thuan province. The project has an estimated total investment of US$1.31 billion with a port capacity of 3.6 million tons/year for the first phase and up to 9 million tons in the next phase. The terminal will receive, process and supply reprocessed LNG as fuel for two power plants Son My 1 and Son My 2, which are expected to be operational from the end of 2025.
AES and PV Gas aims to achieve a financial close for the project by 2022.
