On March 2, Japan Petroleum Exploration Co., Ltd (JAPEX) announced it will exit the venture, which had been under consideration for commercialisation through its affiliate ITECO JSC. The company will transfer all its shares in ITECO JSC to the affiliate's business partners.

Feasibility studies for the project began in early 2022. The plan involved constructing an LNG terminal, including berthing facilities capable of receiving and dispatching up to 650,000 tonnes of LNG annually and a 50,000 cubic metre storage tank, at the Nam Dinh Vu Industrial Park in Haiphong. The development also encompassed LNG procurement, storage, and supply.

Since acquiring its stake in October 2022, JAPEX had been assessing base foundation designs, potential customer development, and candidate suppliers. The company has now concluded that securing the project's economic viability would be difficult, leading to its decision to withdraw.

JAPEX will now conduct a feasibility study on LNG-based energy services for industrial parks in Haiphong and elsewhere in Vietnam, following the project's selection for a Japanese government decarbonisation programme managed by the New Energy and Industrial Technology Development Organisation.

To strengthen profitability and build a medium- to long-term foundation, JAPEX will continue to expand its Infrastructure and Utility business, which provides a revenue structure less exposed to oil price fluctuations, while focusing on core assets centred on overseas exploration and production operations.