Prime Minister Pham Minh Chinh on March 23 (local time) held a working session with Russia’s Novatek Group in Moscow as part of his official visit to Russia, seeking to accelerate cooperation on liquefied natural gas (LNG) projects and energy development.
The PM emphasised that the operations of Novatek, one of Russia’s and the world’s leading natural gas producers, align with Vietnam’s major development orientations and strategies, including its target of achieving economic growth of 10% or higher and reaching net-zero emissions by 2050 through key transformations, particularly in the energy sector.
He noted that Vietnam’s growth ambitions, alongside the expansion of emerging sectors such as artificial intelligence (AI), will require substantial and stable energy supplies.
At the meeting, Leonid Viktorovich Mikhelson, Chairman of Novatek, described Vietnam as one of the world’s fastest-growing economies with a strong focus on energy development. He expressed the company’s hope to continue receiving support to expand investment and cooperation activities in Vietnam, based on the Comprehensive Strategic Partnership and longstanding traditional ties between the two countries.
Novatek has successfully implemented large-scale LNG projects and developed proprietary liquefied natural gas technologies. The group is currently showing strong interest in Vietnam’s LNG sector, including potential participation in the Ca Na project in Khanh Hoa province alongside partners such as Zarubezhneft and exploring opportunities in Vietnam’s rapidly growing gas market.
PM Chinh welcomed Novatek’s proactive engagement with Vietnamese partners, expressing confidence that alignment in development strategies would generate synergistic benefits for both sides.
He called on Novatek to closely coordinate with local authorities, relevant agencies and Vietnam’s major state-owned energy enterprises, including the Vietnam National Industry–Energy Group (Petrovietnam) and Vietnam Electricity (EVN), as well as private-sector firms, to implement LNG projects, including the construction of large-scale LNG storage facilities in Vietnam.
The PM also encouraged Vietnamese companies to strengthen cooperation with Novatek in LNG technology development.
The Novatek leader expressed strong agreement with PM Chinh, saying the company will actively engage with Vietnamese partners to advance projects and cooperation initiatives as suggested by the PM.
Evaluating energy cooperation between Vietnam and the Russia as a bright spot in bilateral ties over the past more than 50 years, PM Chinh expressed his appreciation to the Russian side for its investment and support for Vietnam’s oil and gas sector and Petrovietnam.
He noted that energy cooperation is an area of Russia’s strength and Vietnam’s demand, and a key pillar of the Comprehensive Strategic Partnership between the two countries.
Amid a rapidly changing, complex, and unpredictable global context, strengthening ties with traditional partners while diversifying supply sources, markets, products, and supply chains is of great importance, he said, adding that Vietnam is accelerating the application of science, technology, and innovation to restructure and transform its energy sector.
Affirming that both sides have demand and potential for cooperation, PM Chinh voiced support for Novatek to expand its operations and investment in Vietnam in line with legal regulations, taking into account the Comprehensive Strategic Partnership, traditional friendship, and existing cooperation outcomes in the energy sector, while ensuring effective collaboration and fair competition with other partners and investors.
He said Vietnam is considering revisions to legal frameworks related to the power sector, he welcomed Novatek’s participation in developing LNG port infrastructure projects and LNG-fired power plants in Vietnam as well as its role in ensuring stable LNG supply for the Vietnamese market.
Founded in August 1994, Novatek specialises in the exploration, production, processing, and marketing of natural gas and liquid hydrocarbons. It is Russia’s second-largest natural gas producer after Gazprom and ranks among the world’s leading publicly traded gas companies by output. In the Forbes Global 2000 list in 2020, Novatek was ranked 316th./.
