Novatek explores LNG-to-power opportunities in Vietnam

Russian energy giant Novatek is seeking opportunities to engage in Vietnam’s LNG-to-power sector in line with the Southeast Asian country’s development strategy.

During a meeting in Hanoi on Monday, representatives of state utility firm Vietnam Electricity (EVN) and Novatek discussed potential cooperation in developing integrated LNG power chains in Vietnam.

The Russian energy company was represented by Sergey Soloviev, deputy chairman of the board and director of potential projects.

Novatek expressed interest in multiple segments of the LNG value chain, including fuel supply, LNG terminals, regasification infrastructure, and gas-fired power plant development.

EVN deputy CEO Nguyen Tai Anh, in reply, said that LNG power projects in Vietnam must be developed in parallel with terminals, storage systems, regasification infrastructure, and transmission grid connectivity to ensure operational efficiency and energy security.

He also emphasized that Vietnam’s power development strategy is closely tied to the country’s commitment to achieve net-zero emissions by 2050 while maintaining reliable electricity supply for the economy.

Particularly, EVN noted that future LNG hubs in northern Vietnam would need to consider geological conditions, seaport capabilities, the formation of centralized LNG import centers, and gas supply solutions for clustered power plants.

During the talks, the two sides also exchanged views on international LNG development experience, gas-to-power business models, and technical requirements for integrating LNG generation into Vietnam’s evolving electricity system, which increasingly requires greater flexibility and grid stability.

Novatek is one of Russia’s largest natural gas and LNG producers, operating across exploration, production, processing, and LNG export projects.

The discussions come as Vietnam accelerates implementation of its revised eighth Power Development Plan (PDP VIII), under which LNG-fired power has been identified as a key transitional energy source supporting the country’s long-term decarbonization strategy.

In April, Novatek representatives had talks with officials in Thanh Hoa, during which they showed interest in joining some planned LNG power projects in the central Vietnam province.