Russia-based Novatek, a natural gas producer, and PetroVietnam Power (PV Power) have signed an agreement for the development of LNG infrastructure projects in Vietnam in order to satisfy the country’s expanding electricity demand. Plans for the firm to supply LNG from projects to Vietnam are also under discussion. Details about the infrastructure projects or supply volumes have not been disclosed by either firm.
This move is expected to support the Government of Vietnam’s goal to phasing out coal-fired power generation and transitioning to sustainable energy generated from natural gas. Vietnam was among a number of coal consuming countries that joined a coal phase-out coalition at the COP26 conference during November 2021.