The PetroVietnam Gas Corporation (PV GAS) and Russia’s Gazprom M&T have signed a contract to buy Liquefied Natural Gas (LNG) for a warehouse project at Thi Vai Port in the southern province of Ba Ria-Vung Tau.

The two sides began negotiations on this deal in 2012 within the framework of the comprehensive strategic cooperation between their parent companies, the Vietnam National Oil and Gas Group (PetroVietnam) and Gazprom.

Gazprom M&T is the first LNG provider PV GAS has signed such a contract with to ensure LNG supplies for the Thi Vai port warehouse project.

This is an important project of PV GAS which aims to realize its strategy to diversify gas supplies and make up for gas shortages in the coming years.

The project has an annual capacity of 1 million tonnes of LNG and is expected to be operational in 2017.

VNA/ VOVonline