Russian LNG major Novatek and PetroVietnam Power, a subsidiary of state-owned PetroVietnam, have signed a cooperation agreement on LNG and power projects in Vietnam.
President Nguyen Xuan Phuc and Novatek’s chairman of the management board Leonid Mikhelson held a meeting to discuss the supply of LNG from Novatek ’s projects to the Vietnamese market.
The parties want to cooperate on LNG infrastructure projects. Thus, they want to will meet the growing demand for electricity in the country.
Moreover, the agreement represents an important step in the development of Novatek’s cooperation with Vietnamese corporations. This received additional incentive after the company opened its representative office in Vietnam.
“Russia and Vietnam share a long-standing friendship, and we will continue developing cooperation between our countries,” noted Mikhelson in conclusion.
“Vietnam’s electricity consumption has been growing at an average annual rate of ten per cent over the past ten years .. . We intend to become a reliable partner for Vietnam in realizing its announced goals of phasing out coal-fired power generation and facilitate the country’s transition to clean energy of natural gas. This is in line with our strategy to expand our presence in the Asia-Pacific gas markets”.