Gazprom Marketing & Trading Singapore and PetroVietnam Gas sign Vietnam's first LNG MSPA

abarrelfullabarrelfull wrote on 14 Mar 2014 13:24
Tags: asia gazprom lng petrovietnam vietnam

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Gazprom Marketing & Trading Singapore (GM&T Singapore), a wholly owned subsidiary of Gazprom Export, has signed a Master Sales and Purchase Agreement with PetroVietnam Gas (PV Gas).

The agreement was signed at a ceremony in Ho Chi Minh on 4 March. The ceremony was attended by senior representatives from both companies, including Dato Medan Abdullah, Managing Director of GM&T Singapore and Mr Do Khang Ning, Chief Executive Officer of PV Gas.

This agreement is the first MSPA for Liquefied Natural Gas (LNG) to be signed in Vietnam, and is intended to secure supplies for PV Gas’ import terminal of Thi Vai.

Gazprom and Petro Vietnam National oil and Gas Group (PVN), parent of PV Gas, have a long history of strategic cooperation, with joint ventures in the area of gas exploration and production. In 2012, this relationship was extended to LNG with the signing of an agreement to co-operate on development opportunities in the LNG supply sector.

Medan Abdullah, Managing Director of GM&T Singapore, said, “We are delighted to have signed this MSPA with PV Gas, one of Gazprom’s most valued partners. This is a natural extension of the well-established relationship between our parent companies. We recognise PV Gas as one of Southeast Asia’s major players in the energy market and we are honoured they have chosen to sign their first LNG MSPA with us.

“We look forward to partnering with them as they build and maintain a secure supply of energy, to meet the growing demand for energy, and specifically LNG, in the country,” he added.

Frederic Barnaud, Executive Director of Global LNG and Shipping & Logistics, Gazprom Marketing & Trading (GM&T), said, “This agreement provides a good basis for further expansion of our commercial portfolio in Southeast Asia and progresses our ambition to be the leading LNG marketer in Asia Pacific. We look forward to a long and mutually beneficial relationship with PV Gas.”

Since its establishment in December 2009, GM&T Singapore has grown to become one of the most active LNG players in Asia Pacific. It will continue to expand its trading, marketing and shipping activity in the region ahead of equity supplies expected in the latter part of this decade.

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