HCM CITY — Japan Petroleum Exploration Company Ltd (JAPEX) is set to buy an undisclosed stake in ITECO Joint Stock Company and join hands to build a liquefied natural gas terminal in a northern city.
It announced recently it has signed an agreement for buying the shares and would soon begin the acquisition process.
The two partners will go on to build the LNG terminal in the South Đình Vũ Industrial Park in Hải Phòng City.
Initially, they will build a 50,000 cu LNG storage tank and associated jetty facilities capable of handling 650,000 metric tonnes of LNG annually.
“An additional LNG storage tank of 30,000 cu is planned for the latter half of the 2020s,” the JAPEX website said.
The first of the facilities are expected to be ready by 2025.
ITECO JSC is currently in discussions for LNG procurement and distribution.
JAPEX was established in 1955 to explore for and produce oil and natural gas. — VNS