Novatek announced signing a Memorandum of Understanding with the Ninh Thuan Provincial People’s Committee to develop an integrated energy-generating project with the use of liquefied natural gas in Vietnam.
The MOU was signed in the presence of Dmitry Medvedev, RF Prime Minister, and Nguyen Xuan Phuc, Prime Minister of the Government of Socialist Republic of Vietnam.
According to Novatek, 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.
The partners of the proposed project include Siemens Aktiengesellschaft, Total Gas & Power Business Services S.A.S and Vietnam A&A Technology Investment Co. Ltd.
“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,” noted Leonid Mikhelson, Chairman of the Novatek Management Board.