Novatek eyes LNG and power projects in Vietnam
Russian LNG exporter Novatek has signed a cooperation agreement with Vietnam's PetroVietnam on developing potential LNG and power projects in the southeast Asian country.
The deal was reached during Vietnamese president Nguyen Xuan Phuc's visit to Moscow, where he held a meeting with Novatek CEO Leonid Mikhelson to discuss the supply of LNG from the Russian company's projects in the Arctic to Vietnam.
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"Parties to the agreement intend to cooperate on LNG infrastructure projects with the view to meeting the growing demand for electricity in Vietnam," Novatek said.
Vietnam is developing a raft of LNG-to-power projects to meet growing power demand as the country's economy expands, and also reduce reliance on coal. Novatek indicated its interest in the market in August, when it said it had opened an office in Hanoi.
"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," Mikhelson said in a statement.