JAPEX Exits LNG Terminal Project in Haiphong, Vietnam
Japan Petroleum Exploration Co., Ltd (JAPEX) announced its withdrawal from an LNG terminal project in Haiphong, transferring all shares in ITECO JSC to business partners. The project, which began feasibility studies in early 2022, aimed to construct an LNG terminal with annual capacity of 650,000 tonnes and a 50,000 cubic metre storage tank. JAPEX will now conduct a feasibility study on LNG energy services in Vietnam as part of a Japanese government decarbonisation programme.
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JAPEX has announced its exit from an LNG terminal project in Haiphong, Vietnam, transferring all shares in ITECO JSC to its business partners. Feasibility studies for the project began in early 2022, targeting the construction of an LNG terminal with a capacity of 650,000 tonnes annually and a 50,000 cubic metre storage tank.
Despite assessing designs and potential customers since acquiring its stake in October 2022, JAPEX determined the project's economic viability was challenging. The company will now explore LNG energy services in Vietnam as part of a government decarbonisation initiative.
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