Russia's Novatek and Zarubezhneft and German Siemens signed a memorandum of understanding (MOU) on cooperation in Vietnam, Novatek announced on Friday.
The company said that the MOU envisages developing of an integrated energy-generating project with the use of liquefied natural gas (LNG) as fuel within Vietnam.
"The Vietnamese market is of great interest to us as the country’s economy and demand for electricity is forecasted to grow at a fast pace creating favorable conditions for gas-fired power generation and LNG supplies," noted Leonid Mikhelson, Novatek's Chairman of the Management Board.
"Many years of experience of Zarubezhneft in Vietnam will contribute to the successful implementation of our strategic plans in this prospective market," he said.
Novatek is one of the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by launching the Yamal LNG project.
Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
By Murat Temizer