AG&P LNG to increase stake to 100% in Cai Mep LNG terminal
Leading LNG terminals and downstream infrastructure company, AG&P LNG, a subsidiary of Nebula Energy, has agreed to acquire 100% stake in the Cai Mep LNG terminal located in Vung Tàu province in South Vietnam. The move follows AG&P LNG’s initial acquisition announcement of a 49% stake in 2024 and reflects Nebula Energy’s strong commitment towards Vietnam economic development. Upon completion of the transaction and regulatory approvals, Cai Mep LNG Terminal Company will become a wholly owned subsidiary of AG&P LNG, with Hai Linh Company Ltd fully divesting its shareholding. The transaction remains subject to customary regulatory approvals and closing conditions.
Fully constructed and commissioned in 2025, the Cai Mep LNG terminal was originally developed by Hai Linh Company Ltd. Over the past 12 months, the terminal has been mechanically completed, commissioned, and ramped up under the joint stewardship of AG&P LNG and Hai Linh, and now is ready to deliver reliable LNG supply to downstream customers in the South Vietnam market.
The Cai Mep LNG terminal is connected to the nearby Phu My industrial zone and has pipeline connectivity to Vietnam’s largest power generation complex, Phu My, with a gas-fired capacity of 3.9 GW. Strategically located near the Mekong River Delta, the terminal features three onshore tanks with a total LNG storage capacity of 220 000 m3, LNG break-bulk capability to reload LNG into smaller vessels, and 14 bays for CNG and LNG truck loading. Well-connected via multiple highways to nearby demand centres, Cai Mep has become a critical node in Vietnam’s emerging LNG-to-power supply chain.
Peter Gibson, Chairman, Nebula Energy, said: “Taking full ownership of Cai Mep is a defining milestone for AG&P LNG and for Vietnam’s energy transition. Since our initial investment decision in 2024, the terminal has successfully commenced operations and is now posed for being the key gas infrastructure in South Vietnam’s gas infrastructure. Consolidating 100% of Cai Mep allows us to integrate the terminal end-to-end with our LNG supply, shipping, and downstream distribution platforms, and deliver reliable, competitively priced LNG to power plants and industries across the country. We are deeply grateful to Hai Linh Company Ltd for their partnership and vision in bringing this terminal to life.”
Le Van Tam, CEO, Hai Linh Company Ltd, added: “We are proud of what Hai Linh and AG&P LNG have accomplished together at Cai Mep – from completing construction to successful commissioning and commercial operations. As Vietnam’s LNG market enters its next phase of rapid growth, we believe AG&P LNG, as a specialized global LNG infrastructure company backed by Nebula Energy, is ideally positioned to scale Cai Mep to its full potential. Divesting our stake allows Hai Linh to redeploy capital into our core petroleum business and our Hiep Phuoc Power Plant, while ensuring Cai Mep continues to serve Vietnam under strong, committed ownership.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23042026/agp-lng-to-increase-stake-to-100-in-cai-mep-lng-terminal/
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