Novatek, Total Gas & Power Business Services, Siemens Aktiengesellschaft and JSC Zarubezhneft (Zarubezhneft) signed a memorandum of understanding (MOU) on cooperation in Vietnam.

The MOU envisages developing of an integrated energy-generating project with the use of liquefied natural gas (LNG) 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,” Novatek’s head Leonid Mikhelson noted.

The deal with Total, Siemens and Zarubezhneft follow’s Novatek’s memorandum of understanding with the Ninh Thuan Provincial People’s Committee to develop an integrated energy-generating project with the use of LNG within Vietnam.