TOKYO-based Japan Petroleum Exploration (Japex) has joined a project to build a liquefied natural gas receiving terminal in Vietnam. Japex confirmed it has signed a share purchase agreement with Vietnam's Iteco to promote the project that involves the construction of the Northern Vietnam LNG Terminal in the Nam Dinh Vu Industrial Park in Hai Phong, a major port city in northeast Vietnam. The project, which also includes procurement, storage, and supply of LNG, has already received government approval. The initial development will include a 50,000 cubic metre LNG storage tank and associated jetty facilities capable of handling up to 650,000 tonnes of LNG per annum. Japex noted an additional development phase planned for the latter half of the decade could also see the construction of an extra 30,000 cubic metre storage tank. A final investment decision on the initial development is being targeted for the second half of 2022, with commercial operations expected to start in 2025.
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