US firm seeks full control of Cai Mep LNG terminal in Ho Chi Minh City
AG&P LNG, a subsidiary of U.S.-based energy investment firm Nebula Energy, has agreed to acquire the remaining stake in the Cai Mep LNG terminal in Ho Chi Minh City, paving the way for full ownership and a stronger presence in Vietnam’s liquefied natural gas sector.
According to shipping news outletTrade Winds, AG&P LNG on April 21 (U.S. time) reached an agreement to purchase the remaining 51 percent stake in Cai Mep LNG Terminal Company Limited, the terminal’s owner, from Hai Linh Co. Ltd., lifting its ownership to 100 percent.
Both companies are headquartered in northern Phu Tho Province.
AG&P LNG previously held a 49-percent stake in the terminal, with the remainder owned by Hai Linh.
Upon completion, Cai Mep LNG Terminal Company Limited will become a wholly owned subsidiary of AG&P LNG, while Hai Linh will divest its entire stake.
The deal value has not been disclosed.
The transaction remains subject to regulatory approvals and customary closing conditions.
AG&P LNG said the Cai Mep LNG terminal can be expanded to a capacity of up to six million metric tons per year and will serve as a core LNG import facility within Nebula Energy’s global portfolio.
The terminal is one of only two LNG import facilities currently in operation in Vietnam.
It is located in the former Ba Ria-Vung Tau Province, now part of Ho Chi Minh City following a national administrative restructuring that took effect on July 1, 2025.
Le Van Tam, general director of Hai Linh, said the divestment would allow the company to focus on its petroleum business and the Hiep Phuoc power project, while enabling the terminal to be further developed by a specialized LNG infrastructure operator.
Completed and commissioned in 2025, the Cai Mep LNG terminal is ready to supply stable LNG volumes to downstream customers in southern Vietnam.
Situated near the Mekong Delta, the facility has three onshore storage tanks with a total capacity of 220,000 cubic meters and is equipped for break-bulk operations to reload LNG onto smaller vessels.
It also features 14 loading bays for compressed natural gas (CNG) and LNG trucks.
The terminal is not only connected to the nearby Phu My Industrial Park but also linked via pipeline to the Phu My gas-fired power complex, the country’s largest facility of its kind with a capacity of around 3.9 GW.
Peter Gibson, chairman of Nebula Energy, described the move to full ownership as a significant milestone for AG&P LNG and Vietnam’s broader energy transition.
AG&P LNG said the terminal’s connectivity via major expressways to key demand centers has made it a critical link in Vietnam’s emerging LNG-to-power value chain.
The acquisition is expected to accelerate capacity expansion, strengthen downstream gas distribution, and fully integrate the Cai Mep terminal into Nebula Energy’s global LNG network.
Source: Vinh Tho - Nghi Vu / Tuoi Tre News
Photo: AG&P LNG
