During the official visit of the President of the Socialist Republic of Vietnam Nguyen Xuan Phuc, PAO NOVATEK (NOVATEK) and PetroVietnam Power signed the Cooperation Agreement on LNG and power projects in Vietnam (the “Agreement”). President Nguyen Xuan Phuc and NOVATEK’s Chairman of the Management Board Leonid Mikhelson held a meeting to discuss the supply of LNG from the Company’s projects to the Vietnamese market.
Parties to the Agreement intend to cooperate on LNG infrastructure projects with the view to meeting the growing demand for electricity in Vietnam. 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.
“Russia and Vietnam share a long-standing friendship, and we will continue developing cooperation between our countries,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Vietnam's electricity consumption has been growing at an average annual rate of 10% over the past 10 years, and 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”.
