Excelerate Energy and PTSC enter partnership to study FSRU solutions in Vietnam

September 24, 2024 | 19:11

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Excelerate Energy, Inc. and PetroVietnam Technical Services Corporation (PTSC) have signed a strategic partnership agreement to jointly study Floating Storage Regasification Unit (FSRU) based technical solutions for LNG imports into Vietnam.

Excelerate Energy and PTSC enter partnership to study FSRU solutions in Vietnam

Excelerate Energy is a leading provider of floating storage and regasification FSRUs and liquefied natural gas (LNG) solutions while PTSC is a subsidiary of state-run Vietnam Oil and Gas Group (PetroVietnam) and the top provider of oil and gas and industrial services in Vietnam.

Through this strategic alliance, Excelerate and PTSC will leverage their unique strengths and combined resources to deliver affordable and reliable energy solutions that address Vietnam’s growing energy demands while supporting the country’s transition to carbon neutrality.

Under the partnership agreement, the two companies will conduct joint feasibility studies to assess the viability of FSRU opportunities in Vietnam.

The studies aim to optimise existing natural gas infrastructure and augment domestic supply with regasified LNG to help meet the growing demand for natural gas and stimulate the development of a regional gas market.

“Signing this agreement marks a significant milestone in the collaboration between Excelerate Energy and PetroVietnam Technical Services Corporation,” said Steven Kobos, president and CEO of Excelerate. “We are committed to working together to address Vietnam's energy challenges and contribute to the country's sustainable development.”

The strategic partnership with PTSC is an important next step in the company’s broader strategy to invest in the rapidly growing Vietnamese LNG market. In June 2024, Excelerate signed a term sheet with ITECO JSC, a Vietnamese based private development company, to co-develop a greenfield LNG import terminal in Haiphong.

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