Quang Ninh approves Yen Hung LNG Port project
Quang Ninh province has granted approval for the Yen Hung liquefied natural gas (LNG) port project with an estimated capital of $32.2 million. It aims to support the adjacent Stavian Quang Yen Oil Refinery and be a significant advancement to Vietnam's LNG infrastructure.
On June 26, Quang Ninh People's Committee approved the investment proposal put forth by Yen Hung LNG Port JSC for the construction of Yen Hung LNG Port. It will sit along the Chanh River, within Bac Tien Phong Industrial Zone in Quang Yen town. The project, with an estimated capital of around $32.2 million, is set to become one of Vietnam's main LNG ports.
The investor will proceed with building a specialised bridge and berth system for the import and export of liquefied petroleum gas and petroleum, featuring a total berth length of 426m and the ability to accommodate vessels from both sides.
Initially, the port will cater to liquid cargo ships of up to 50,000DWT on its outer side (with the potential future expansion to accommodate ships of up to 100,000 DWT) and vessels of up to 2,000DWT on its inner side. The planning includes all the necessary accompanying technical infrastructure.
Once completed, the port will serve its first customer, the Stavian Quang Yen Oil Refinery project that will be located adjacent to it. The Stavian Quang Yen Oil Refinery and the Yen Hung LNG Port will be closely linked and form a strategic partnership.
In July 2022, Stavian Quang Yen Oil Refinery JSC, Quang Ninh People's Committee, and Bac Tien Phong Industrial Zone JSC launched the Stavian Quang Yen Oil Refinery project by signing an MoU for investment cooperation.
The estimated total investment for the project amounts to $1.5 billion, with a production capacity of 600,000 tonnes of polypropylene per year. It is projected that by Q4/2026, the construction of the refinery will be completed, ready to undergo trial operations and commence full commercial activities.
Stavian Quang Yen Oil Refinery is owned by Stavian Quang Yen Oil Refinery JSC, established in September 2021. By the end of 2022, the company increased its charter capital to $21.7 million. Dinh Duc Thang, chairman of the Board of Directors and CEO of the company, holds the same positions at Stavian Chemical JSC.
At its inception, the company's shareholders included Stavian Chemical JSC (formerly known as Opec Plastic JSC) with a 51 per cent ownership stake, Yen Hung LNG Port JSC with 39 per cent, and Nguyen Hong Hiep with 10 per cent.
Stavian Chemical, founded in 2009, is the 22nd largest chemical distributor globally and the sixth largest in the Asia-Pacific region. The company specialises in trading virgin plastic resins and biodegradable packaging, such as frozen food bags, roll-type rubbish bags, HDPE gloves, and more.
According to the company's website, Stavian Chemical achieved an annual revenue of $1.2 billion and boasts over 2,000 employees operating worldwide. It serves more than 14,000 customers both domestically and internationally, spanning over 100 countries and territories.
