Novatek, Petrovietnam discuss LNG deliveries to Vietnamese market

Moscow. Dec 2 (Interfax) - Novatek and PetroVietnam Power have signed an agreement on cooperation on LNG and energy projects in Vietnam, the Russian company said in a statement.

Furthermore, Vietnamese President Nguyen Xuan Phuc and Novatek chief Leonid Mikhelson held a working meeting at which they discussed the supply of LNG from the company's projects to the Vietnamese market.

The parties to the agreement intend to cooperate on LNG infrastructure projects with a view to meeting the growing demand for electricity in Vietnam.

"Vietnam's electricity consumption has been growing at an average annual rate of 10% over the past 10 years, and Novatek is ready to meet this growing market's needs. 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," Mikhelson was quoted as saying in the statement.

In mid-2019, Novatek, Zarubezhneft, Total and Siemens signed a memorandum of understanding on cooperation in Vietnam. The memorandum provides for the development of an integrated power generation project using liquefied natural gas (LNG) in the Vietnamese port of Cana in the Ninh Thuan province.