Partnership for Vietnam LNG-to-Power Project

Russia’s largest private gas producer Novatek will work alongside French multinational integrated oil and gas company Total, state-controlled compatriot oil company Zarubezhneft and Germany's Siemens on Vietnamese LNG-to-power project.

The partners signed a Memorandum of Understanding (MOU) on cooperation in Vietnam.

The MOU envisages developing of an integrated energy-generating project with the use of liquefied natural gas (LNG) within the Socialist Republic of Vietnam.

“The Vietnamese market is of great interest to us 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,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

“Many years of experience of Zarubezhneft in Vietnam will contribute to the successful implementation of our strategic plans in this prospective market,” Leonid added.