PV Gas, Gazprom Sign LNG Contract [10/03/2014]

PV Gas, Gazprom Sign LNG Contract

HANOI, March 7 (Reuters) - Petrovietnam Gas Corp, a subsidiary of state oil-and-gas group Petrovietnam, has signed a contract to buy liquefied natural gas from a Singapore-based subsidiary of Russia's state gas monopoly Gazprom, the Vietnamese firm said.

A delay in Vietnam's first nuclear power plant means it will need more natural gas to meet rising demand for electricity, Prime Minister Nguyen Tan Dung said in January.

The deal with Gazprom Marketing and Trading Singapore Pte, Ltd, signed on Tuesday in Ho Chi Minh City, is the first LNG purchase by PV Gas, the company said in a statement on Thursday. It gave no details on pricing or volume.

Gazprom's LNG will be delivered to PV Gas' LNG terminal in the southern province of Ba Ria-Vung Tau, which has an annual capacity of 1 million tonnes and will become operational in 2017.

Vietnam's natural gas output this year could ease 2.6 percent to 9.5 billion cubic metres (bcm), Petrovietnam said, citing a government projection. The group has said in its annual plan that it would strive to produce 9.8 bcm of natural gas. (Reporting by Ho Binh Minh; Editing by Prateek Chatterjee)

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