RoK’s No1 LPG company E1 joins Vietnamese market
VOV.VN - E1, the No1 liquefied petroleum gas (LPG) company in the Republic of Korea, has signed a joint contract with Venus Gas, the largest LPG importer in northern Vietnam, to build an 80,000-tonne LPG refrigeration tank terminal in Bac Tien Phong industrial complex in Vietnam’s Quang Ninh province.
The LPG refrigeration tank terminal has been designed to contain 50,000 tonnes of propane and 30,000 tonnes of butane. The project is scheduled to break ground in the first half of 2024 and to operate commercially in 2025.
Through the tank terminal, E1 is expected to supply more than 1 million tonnes of LPG annually to the Vietnamese market.
“This project is the first overseas LPG terminal project promoted by E1. Based on know-how accumulated in Korea, we will enter overseas markets to stably supply LPG and continue to find new sources of demand to become a global energy company,” said an E1 official in a press release of the company.
According to E1, Vietnam’s use of LPG for cooking is rapidly increasing due to economic growth and increased income levels, and LPG raw material-based petrochemical projects such as propane dehydrogenation (PDH) processes are also actively underway, which is expected to increase demand for LPG imports.
E1 plans to enter the LPG domestic market in Vietnam through the construction of the joint tank terminal and gradually increase its market share. In addition, it will expand its LPG business in Vietnam through various partnership cooperation with petrochemical companies that are scheduled to move into the industrial complex where the tank terminal is located.
