The first firm authorised to import and export liquefied natural gas (LNG) in the nation is PetroVietnam Gas, which announced on Monday that it had obtained a certificate from regional authorities.
The company said in a statement that it will be able to import its first LNG this year thanks to the certificate from the Ministry of Industry and Trade.
An LNG terminal with an initial capacity of one million tonnes of LNG per year had been completed, according to PetroVietnam Gas, in the southern province of Ba Ria Vung Tau. To reach three million tonnes, the capacity will be increased.
The company published a tender last month in an effort to purchase 50,000–70,000 tonnes of Vietnam's first LNG cargo in order to test the port.
The Vietnam Oil and Gas Group trades under the name PetroVietnam (PVN). Since its founding in 1977, PetroVietnam has grown quickly, and today, through its several firms and fully owned subsidiaries, it conducts business in all areas related to oil and gas, including exploration, production, storage, processing, transportation, distribution, and services. Being wholly controlled by the Vietnamese central government, it is in charge of managing all of the country's oil and gas resources and has grown to become the largest oil producer and second-largest power generator in the world.