Gazprom, Petrovietnam consider LNG contract

Gazprom announced it is considering a contract with Petrovietnam State Oil and Gas Corporation for the supply and purchase of liquefied natural gas, the company said. Gazprom and Petrovietnam hope to sign the Memorandum of Understanding soon.

"The possibility of concluding a long-term LNG sale-and-purchase agreement is being considered," Gazprom said in a statement to the Dow Jones Newswires.

The two companies determined a long-term LNG contract would be best to further cooperation in marketing liquefied natural gas and expand the portfolios of both companies. The company is interested in signing a contract in order to boost sales in Asia after it experienced a drop in demand from European countries as well as a serious of regulation issues, the report stated. Gazprom is also planning to build a gas liquefaction plant in Vladivostok, Russia, along the Russian Pacific coast.

Also discussed at the meeting between the two companies was the progress of joint projects offshore Vietnam including successful exploration in blocks No. 112 and Nos. 129-132, according to Gazprom.

Visit PennEnergy's research area to learn more about gas exploration and production in Russia.

Gazprom announced it is considering a contract with Petrovietnam State Oil and Gas Corporation for the supply and purchase of liquefied natural gas, the company said.

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