Commodity Market Report

Vietnam gas and LNG H2 2018 summary

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23 January 2019

Vietnam gas and LNG H2 2018 summary

Report summary

Declining domestic gas production and rising power demand could see a bigger role for LNG, if integrated power project can progress. The LNG development plan for Vietnam seems to have taken two directions – the planned route underpinned by LNG projects outlined in the Gas Plan; and the “wildcards” path where private investors seek out viable integrated LNG-to-power projects with the support of local governments. We see traditional gas and power players supporting the traditional LNG such as Thi Vai and Son My. Wildcard projects, such as the Bac Lieu project, are gaining traction. In H2 2018, three projects, headlined by newer names in the LNG game, were announced. While the Thi Vai and Son My LNG terminals are likely to come online, not all proposed “wildcard” projects are going to move ahead as there is insufficient end-user LNG demand. In the end, only projects situated in areas of high electricity growth will see PPA with EVN, and secure the necessary financing to move forward.

Table of contents

  • Market background
  • Production decline of Hai Thach/ Moc Thinh and Sao Vang-Dao Ngyuet brings about LNG upside
  • Sao Vang-Dao Ngyuet progresses smoothly
  • High level of private-investor interest in integrated LNG to power projects. But will any of it materialise?
  • PetroVietnam sees record earnings in 2018, plans for massive restructuring ahead to improve efficiency

Tables and charts

This report includes 3 images and tables including:

  • South East Vietnam Gas Balance
  • Vietnam LNG Demand
  • Key changes to analysis from the H1 2018 publication

What's included

This report contains:

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    Vietnam gas and LNG H2 2018 summary

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