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November 2017

Vol. 22, No. 47 Week of November 19, 2017

AGDC inks MOU with PetroVietnam Gas

In a second announcement coming from President Donald Trump’s recent Asian trip, the Alaska Gasline Development Corp. said Nov. 12 that it signed a memorandum of understanding with PetroVietnam Gas in Hanoi, setting forth the basic principles to collaborate on potential opportunities of LNG supply from AGDC to serve LNG import projects in Vietnam.

This follows agreements signed Nov. 9 in Beijing (see story in Nov. 12 issue of Petroleum News) with China Petrochemical Corp., or Sinopec, CIC Capital Corp. and the Bank of China.

AGDC said the PetroVietnam Gas agreement was signed in Hanoi by executives of AGDC and PVGAS in the presence of Trump and Vietnam President Tran Dai Quang.

PVGAS is a subsidiary of state-owned PetroVietnam and is developing LNG receiving and regasification terminals in Vietnam to provide natural gas to newly built and proposed power plants and existing gas users.

AGDC President Keith Meyer said the agreement with PVGAS “fits very well with AGDC’s broader marketing program and recently announced deal with Sinopec, which leaves a portion of the Alaska LNG production capacity with AGDC for sale in regional Asian markets such as Vietnam.”

Duong Manh Son, president and CEO of PVGAS, said: “Alaska’s market proximity and enormous resource base present an attractive opportunity for PVGAS to provide stable and secure gas supply to Vietnamese industrial users and citizens, and upstream investment opportunities for a bright long-term future.”

No timelines were noted in the statement on the PVGAS MOU.

In its Nov. 9 announcement on what it called a joint development agreement with China, AGDC said that under that agreement “the parties have agreed to work cooperatively on LNG marketing, financing, investment model and China content in Alaska LNG, and get a periodic result by 2018.”

- KRISTEN NELSON






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