Japan’s JXTG, Vietnam's Petrolimex Ink LNG MoU

Japan’s JXTG Nippon Oil & Energy has signed a memorandum of understand with Vietnam National Petroleum Group (Petrolimex) to develop LNG business in the southeast Asian nation, JXTG said July 1.

The Japanese firm said discussion on this collaboration started in March this year. JXTG expects demand for LNG to expand in Vietnam due to increasing economic growth.

Japanese companies have been investing in the fast-growing Vietnamese gas market. Last month, Osaka Gas and Sojitz Corporation agreed to form a joint venture to supply natural gas to industrial customers in Vietnam. The new company plans to supply gas to Phu My 3 specialised industrial park, in the southern Vietnamese province of Ba Ria-Vung Tau. It will also supply CNG via trucks to industrial customers within Vietnam.