Tokyo Gas Buys Stake in Vietnamese PVGas D

Tokyo Gas, through its subsidiary Tokyo Gas Asia, has acquired a 24.9% stake in Petrovietnam Low Pressure Gas Distribution (PVGas D), a subsidiary of state-owned Petrovietnam, for an undisclosed amount, it said July 31.

Tokyo Gas Asia and PVGas D have agreed to work together on areas such as demand development and introduction of energy-saving technologies to enhance PVGas D’s business value.

Tokyo Gas and PVGas D back in March 2012 signed a memorandum of understanding (MoU) for cooperation on the development of the LNG value chain in Vietnam and have been in discussions since then on the specifics of the cooperation. The acquisition of the stake in PVGas D is the second cooperation under the MoU after the establishment of LNG Vietnam. 

LNG Vietnam was set up in August 2016 by Tokyo Gas Asia in partnership with PVGas D and Vietnam's Bitexco. LNG Vietnam will conduct business activities such as LNG procurement, LNG sales and LNG receiving terminal construction and operation. 

Tokyo Gas Asia is 100% owned by Tokyo Gas Company and is headquartered in Singapore. It manages investment projects in Southeast Asia.

Shardul Sharma