Novatek eyes Vietnam's LNG market
Russian private natural gas producer and exporter Novatek is looking to sell LNG to Vietnam, it said, as it announced August 10 that it has opened an office in the capital Hanoi.
The office will support its expansion into the global gas markets and provide continuous support for the its "prospective energy projects in Vietnam," it said.
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The office will enable interaction with state-owned and private companies "to define and develop new projects to supply LNG from Novatek's portfolio to the Vietnamese market," it said. Vietnam is already an LNG importer and is moving away from its reliance on diesel in the fast-growing electricity sector in favour of renewable energy and gas.
“Vietnam offers Novatek the prospects of developing gas-related energy projects in the dynamically growing Asian Pacific region,” said CEO Leonid Mikhelson, "and 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.”
Vietnam has some gas production of its own, while another Russian company, Zarubezhneft, operates some licences there. China, however, has caused problems offshore in the South China Sea as it extends its territorial claims and some companies have abandoned projects there.