Parties to the Agreement intend to co-operate 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 co-operation 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 co-operation 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 realising 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.”
