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At the signing ceremony (Photo: VNA)

The PetroVietnam Power Corporation (PV Power) has signed a cooperation agreement with gas industry company Novatek of Russia, on the development of liquefied natural gas (LNG) and energy projects in Vietnam.

PV Power, a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), is the second largest electricity supplier of Vietnam after the Vietnam Electricity (EVN).

It has taken the lead in LNG projects, owning seven plants with a combined capacity of 4,208 MW, contributing about 21 billion kWh of electricity to the national grid.

A power plant of PV Power (Photo: VNA)

A representative of PV Power said it is focusing on the development of LNG projects for its ‘green’ and sustainable growth, and seeking foreign partners with enormous potential and experience in the field so as to realize its strategy.

In late 2020, a consortium comprising PV Power, COLAVI, Tokyo Gas and Marubeni reached a memorandum of understanding on LNG project development. The construction of the LNG Quang Ninh power plant, part of the cooperation, started this October.

PV Power is channeling investment into the Nhon Trach 3 and Nhon Trach 4 power plants, which will be the first LNG-to-power projects in Vietnam.