September 28, 2022


Current Maritime News | Clean Energy

Novatek and PetroVietnam Power cooperate on LNG projects in Vietnam

2 min read
marine-news-Thi Vai LNG Terminal to receive the first imported LNG cargo in 2022

Thi Vai LNG Terminal

The LNG major Novatek and PetroVietnam Power, a subsidiary of state-owned PetroVietnam have entered into a cooperation agreement on LNG and power projects in Vietnam.

The agreement is signed during the official visit of the President of the Socialist Republic of Vietnam Nguyen Xuan Phuc. After the signing ceremony, President Nguyen Xuan Phuc and NOVATEK’s Chairman of the Management Board Leonid Mikhelson discuss the supply of LNG to Vietnam’s market.

The LNG plants in Vietnam is on explosion growth in these years. NOVATEK shares its point of view, to cooperate with LNG infrastructure projects to meet the rapidly growing demand for electricity in Vietnam.

Furthermore, Novatek revealed the important step of opening its representative office to develop Vietnam’s energy market. Novatek anticipates connecting with more Vietnamese corporations through this successful milestone, received an additional incentive.

“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 percent 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”.

Recently PetroVietnam Gas has announced that they will be ready to take the first LNG cargo in its Thi Vai LNG terminal in 2022, following the signed master agreements with Shell and Gazprom.

Thi Vai LNG storage terminal is located in the southern province of Ba Ria-Vung Tau. Thi Vai LNG project is next to Hai Linh LNG terminal, which completed its construction process and awaiting to take the first LNG cargo.

Source Offshore-energy