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Russian Energy Giant Novatek Eyes Expansion into Vietnam's LNG Market
Novatek expresses interest in multiple liquefied natural gas projects as Vietnam seeks to diversify its energy supply.
Russian energy giant Novatek, the largest natural gas producer in the Russian Federation, has expressed interest in expanding its involvement in Vietnam's liquefied natural gas (LNG) sector.
This interest was conveyed during a recent meeting between Novatek representatives and Vietnam's Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan.
Novatek, one of the few Russian energy companies licensed to directly export LNG, is already engaged in an integrated power plant project in Ca Na, Ninh Thuan province.
The project, with a capacity of 1.5 GW, is a partnership with Zarubezhneft, Total, and Siemens. E.N. Golm, Director of Business Development at Novatek, affirmed the company's broader interest in Vietnam's LNG market, including potential projects beyond the Ca Na power plant.
Deputy Minister Nguyen Sinh Nhat Tan welcomed Novatek's interest and urged the company to expedite the implementation of existing LNG projects. He emphasized Vietnam's desire for Novatek to accelerate the development of the integrated power plant project.
The Deputy Minister outlined Vietnam's efforts to facilitate LNG investment, including the 2020 issuance of Document No. 479/TTG-CN, which added LNG power centers in Ca Na to the National Power Development Plan.
He noted that Vietnam has developed guidelines for LNG investment in Ca Na, addressing issues such as port construction, business models, pricing mechanisms, land use, shared infrastructure, power pricing, and investor selection.
Both Vietnam and Novatek are keen to advance discussions and finalize cooperation plans for investing in LNG power project chains in Vietnam.
