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Japanese firm strikes deal to join Vietnam’s LNG market

The Japan Petroleum Exploration Co. Ltd. (JAPEX) and Vietnam’s ITECO JSC have freshly signed a share purchase agreement and a pact on comprehensive cooperation that involves the procurement, storage, and supply of liquefied natural gas (LNG) in Vietnam.
Japanese firm strikes deal to join Vietnam’s LNG market ảnh 1Illustrative photo (Source: VNA)
HCM City (VNA) – The Japan Petroleum ExplorationCo. Ltd. (JAPEX) and Vietnam’s ITECO JSC have freshly signed a share purchase agreementand a pact on comprehensive cooperation that involves the procurement, storage,and supply of liquefied natural gas (LNG) in Vietnam.

Accordingly, the sides’ collaboration agreements revolvesaround project design and construction; operation and maintenance; procurementof LNG; finance; sales and marketing; training and developing local humanresources in the field of LNG, among others.

Currently, the supply of natural gas in the northern regionof Vietnam is on a downward trend and is forecast to facea shortage in the future. The joint work between JAPEX and ITECO is expected tohelp increase the supply sources.

In addition, the companies will team up to import, store,distribute and supply LNG by both pipelines and tank trucks. Their businessproject will start operating in the fourth quarter of 2024.

JAPEX Senior Vice President Matthew Tan said JAPEX wishes topromote the diversification of clean energy supply solutions, especially LNG,in the Vietnamese market.

In the long run, JAPEX and ITECO will aim to introduce avariety of clean fuel solutions and seek opportunities in new projects, headded.

According to data from the Foreign Investment Agency underthe Ministry of Planning and Investment, as of December 20, 2021, Japan had rankedthird among foreign investors in Vietnam with a total registered capital ofnearly 3.9 billion USD, up 64.6 percent over the same period in 2020./.
VNA
#JAPEX #ITECO #LNG #liquefied natural gas #Vietnam #JAPEX and ITECO #Matthew Tan #Vietnam news agency #vietnamplus
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