PV GAS signs strategic partnership agreements in the US, expands LNG network
In United States, Petrovietnam Gas Joint Stock Corporation (PV GAS) just signed and announced important strategic partnership agreements between Vietnamese and U.S. businesses.
Minister of Industry and Trade Nguyen Hong Dien delivers a speech at the signing ceremony
PV GAS held sideline meetings with ConocoPhillips and Excelerate Energy, two strategic partners in the liquefied natural gas (LNG) sector. The discussions focused on expanding long-term LNG supply sources to support the implementation of Vietnam's Power Development Plan VIII. The parties agreed on cooperation principles to ensure a stable supply, meeting Vietnam’s growing demand for electricity production in the face of declining domestic resources.
Minister of Industry and Trade Nguyen Hong Dien, Petrovietnam Vice President Le Xuan Huyen, PV GAS President & CEO Pham Van Phong, and representatives from both sides witness the signing ceremony between ConocoPhillips and PV GAS
PV GAS leaders exchange signed documents with representatives from Excelerate Energy
During the visit, Vietnamese businesses also signed procurement contracts for equipment, materials, and services, with a total value of approximately $4.15 billion, opening careers opportunities for both countries’ workforce.
For PV GAS, the LNG agreements with the U.S. will help the Corporation contribute to Vietnam's LNG import plan, which is expected to reach 9 MTPA by 2030 and increase to 15 MTPA by 2035, with an estimated total value of $7.2 billion annually under Power Development Plan VIII.
The signing of agreements and memoranda of understanding demonstrated Vietnam's efforts to expand import sources from the U.S., aiming at balanced and harmonious trade relations. It also reaffirmed PV GAS' proactive and flexible leadership in the gas and LNG market, solidifying its role as a pioneer and key player in Vietnam's gas industry.