Gazprom aiming to be LNG supplier for Vietnam

September 11, 2024 | 18:01

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Russian gas giant Gazprom is looking to be the main supplier of Liquefied Natural Gas (LNG) to fuel Vietnam's socioeconomic development.

Gazprom aiming to be LNG supplier for Vietnam

This is according to Gazprom's vice chairman Vitaly Markelov during a meeting with Vietnamese National Assembly Chairman Tran Thanh Man in Moscow on September 10.

Markelov expressed his gratitude for Vietnam's support to bolster Gazprom's partnership with state-owned PetroVietnam in exploration, exploitation, and scientific and technical research.

He stressed, "Gazprom hopes to deepen collaboration with Vietnam. It is the right time for the two sides to move forward, including the supply of LNG to meet Vietnam's demand. Gazprom is willing to share experience with Vietnamese partners, including PetroVietnam, in oil and gas exploration."

NA Chairman Man said, "There is huge potential for the Vietnam-Russia partnership, but the two-way trade only reached $2.7 billion in the first six months of the year. The partnership in oil and gas projects will contribute to raising the two-way trade to $10 billion by 2030."

With Vietnam’s commitment to reducing carbon emissions and transitioning to cleaner energy sources, there is a growing demand for sustainable energy solutions. LNG provides a reliable and flexible power source that enables the build out of renewables to take place, and the government has planned for rapid growth in this energy source.

Vietnam has ambitious plans to expand its LNG-based power initiative from virtually zero to over 20 GW by 2045, requiring more than 20 million tonnes of the gas per annum.

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By Vy Bui

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