Samsung C&T's construction unit has won the order for the Thi Vai LNG Terminal work, which was propelled by Vietnam's state-run gas company Petrovietnam Gas Corporation.
Samsung C&T formed a consortium with the local company Petrovietnam Technical Services Corporation (PTSC) and won the project on June 24.
The total construction amount is $179.5 million, and Samsung C&T shares are 61 percent, or $109.5 million (about 127 billion won). The total construction period is 40 months. Construction is scheduled to begin on June 30, 2019 and complete in October 2022.
The Thi Vai LNG terminal is Vietnam's first LNG terminal construction project. It is the construction of a 180,000-square-meter LNG tank, a vaporization transmission facility and a berth facility in a coastal area about 70 kilometers southeast of Ho Chi Minh City, Vietnam. The project will secure facilities to supply fuel to the Nhon Trach combined thermal power plant.
The construction required at least two more than 150 million dollars worth of LNG terminal construction experiences to make the bid. Samsung C&T has continued to successfully perform in the LNG terminal market in Southeast Asia, with the completion of the Singapore LNG terminal stage 1-3 and the Malaysian RGT-2 LNG terminal project without incident.
Samsung C&T plans to aggressively enter the Vietnamese market, where economic growth is increasing energy consumption. By winning the first LNG terminal construction order in Vietnam, it has secured a favorable position for future orders for energy storage facilities.