Parties to the Agreement intend to cooperate on LNG infrastructure projects with the view to meeting the growing demand for electricity in Vietnam.
Leonid Mikhelson noted:
- Russia and Vietnam share a long-standing friendship, and we will continue developing cooperation between our countries
- Vietnam's electricity consumption has been growing at an average annual rate of 10% over the past 10 years
- 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
The agreement represents an important step in the development of the company’s cooperation with Vietnamese corporations, which received an additional impetus after NOVATEK opened its representative office in Vietnam.
The Vietnamese market is of great interest for the company as the country’s economy and demand for electricity is forecasted to grow at a fast pace creating favorable conditions for gas-fired power generation and LNG supplies.
