14:43 (GMT +7) - Saturday 25/11/2017

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PVGAS signs Alaskan LNG MoU

Released at: 15:18, 14/11/2017

PVGAS signs Alaskan LNG MoU

Photo: AGDC

MoU signed with Alaska Gasline Development Corporation on supply and investment.

by Linh San

The Alaska Gasline Development Corporation (AGDC) and PetroVietnam Gas (PVGAS) have signed a memorandum of understanding (MoU) setting forth the basic principles for collaboration on potential opportunities in liquefied natural gas (LNG) supply from AGDC to serve LNG import projects in Vietnam and to evaluate the possibility of upstream resource investment in Alaska.

The agreement was signed in Hanoi on November 12 by executives of AGDC and PVGAS in the presence of State President Tran Dai Quang and US President Donald Trump.

“The agreement with Vietnam fits very well with AGDC’s broader marketing program and recently announced deal with Sinopec, which leaves a portion of the Alaska LNG production capacity with AGDC for sale to regional Asian markets such as Vietnam,” said Mr. Keith Meyer, President of AGDC. “Vietnam is a new entrant to the LNG industry but has the potential to be a rapidly growing customer of LNG and we look forward to participating in the growth of Vietnam’s economy by providing reliable and stable natural gas supply.”

“Alaska’s market proximity and enormous resource base present an attractive opportunity for PVGAS to provide stable and secure gas supplies to Vietnamese industrial users and citizens, and upstream investment opportunities for a bright long-term future,” said Mr. Duong Manh Son, President and CEO of PVGAS.

PVGAS is a subsidiary of the State-owned PetroVietnam. It is developing LNG receiving and regasification terminals in Vietnam - Thi Vai LNG Terminal and Son My LNG Terminal - in order to supply natural gas to newly-built and proposed power plants and existing gas users.

Alaska LNG is an integrated gas pipeline and LNG infrastructure project that will provide a direct and reliable link between the vast proven and conventional natural gas resources on Alaska’s North Slope with growing LNG markets across the Asia-Pacific region.

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