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NOVATEK and PetroVietnam Power sign agreement

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LNG Industry,

During the official visit of the President of the Socialist Republic of Vietnam Nguyen Xuan Phuc, PAO NOVATEK and PetroVietnam Power signed the Co-operation Agreement on LNG and power projects in Vietnam (the ‘Agreement’). President Nguyen Xuan Phuc and NOVATEK’s Chairman of the Management Board Leonid Mikhelson held a meeting to discuss the supply of LNG from the Company’s projects to the Vietnamese market.

Parties to the Agreement intend to co-operate on LNG infrastructure projects with the view to meeting the growing demand for electricity in Vietnam. The Agreement represents an important step in the development of the Company’s co-operation with Vietnamese corporations, which received an additional impetus after NOVATEK opened its representative office in Vietnam.

“Russia and Vietnam share a long-standing friendship, and we will continue developing co-operation between our countries,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Vietnam's electricity consumption has been growing at an average annual rate of 10% over the past 10 years, and NOVATEK is ready to meet this growing market’s needs. We intend to become a reliable partner for Vietnam in realising its announced goals of phasing out coal-fired power generation, and facilitate the country's transition to clean energy of natural gas. This is in line with our strategy to expand our presence in the Asia-Pacific gas markets.”

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