Russia’s Novatek said it has established a representative office in Hanoi as it looks to supply LNG to Vietnam.
The independent LNG producer said in a statement the office would facilitate Novatek’s expansion into the global gas markets and provide continuous support for the company’s prospective energy projects in Vietnam.
Moreover, the main tasks of the office will be to interact with partners, state-owned and private companies in Vietnam to define and develop new projects to supply LNG from Novatek’s portfolio to the country.
“Vietnam offers Novatek the prospects of developing gas-related energy projects in the
dynamically growing Asian Pacific region,” Novatek’s chief Leonid Mikhelson, said.
Furthermore, he added the opening of the new office, “is of strategic importance for us in implementing our long-term aim of delivering affordable and secure natural gas for many decades in a sustainable manner.”
Growing LNG market
Several players, including Delta Offshore, are planning to build LNG-to-power projects in Vietnam in order to meet the country’s growing power demand.
According to GIIGNL data, Vietnamese oil company Hai Linh has already completed the construction of its onshore LNG terminal in the southern province of Ba Ria-Vung Tau.
Vietnam’s first LNG receiving terminal will have an initial capacity of 2 to 3 mtpa, with the
potential to expand to 6 mtpa. It should start operations in 2021.
In addition, state-run PetroVietnam Gas and its partners have started building an onshore LNG receiving terminal at Thi Vai in the coastal area southeast of Ho Chi Minh City.
This facility will have a capacity of 1 mtpa in its first phase in 2022, while the partners plan to boost the capacity to 3 mtpa by 2023, GIIGNL’s data shows.