Russia’s Novatek to develop LNG project in Vietnam

Russia’s largest independent natural gas producer and LNG operator Novatek has signed a memorandum of understanding (MOU) to develop an integrated energy-generating project with the use of LNG within Vietnam.

Novatek said on Wednesday that the MOU was signed with the Ninh Thuan Provincial People’s Committee.

According to the company, the energy-generating project provides for the delivery of LNG utilizing existing infrastructure as well as developing new infrastructure, including the construction of an LNG regasification terminal and new gas-fired power plants within Vietnam.

Partners of the proposed project include Siemens Aktiengesellschaft, Total Gas & Power Business Services, and Vietnam A&A Technology Investment.

Novatek’s chairman Leonid Mikhelson, said: “The strong economic growth within Vietnam generates additional demand for energy, which can be sustainably met with the development of an integrated gas generation project.

The building of gas-fired power generation increases the demand for us to provide competitively priced LNG supplies to the country. This project could be realized in a relatively short period of time with the support of the Ninh Thuan province.