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Energy

Vietnam and Japan firms ink gas deal as Hanoi looks beyond coal

JXTG and Petrolimex will explore building LNG receiving stations and joint procurement

Vietnam produces some natural gas at locations like this offshore platform in the South China Sea, but not enough to be self-sufficient.    © Reuters

TOKYO -- Japan's JXTG Nippon Oil & Energy will tie up with a Vietnamese state-owned oil company on liquefied natural gas, the companies said Monday, with the duo expected to build facilities and collaborate on procurement in the Southeast Asian country.

Vietnam National Petroleum Group, or Petrolimex, aims to invest the equivalent of around $4 billion on LNG receiving facilities and power plants in Vietnam, and JXTG -- which has its own LNG receiving facilities in Japan -- will offer operational expertise. JXTG and Petrolimex signed a memorandum of understanding in Tokyo.

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