Vietnam PTSC, US Excelerate Energy to cooperate in LNG imports into Vietnam

PTSC, the technical arm of state-owned Petrovietnam, and Texas-based liquefied natural gas (LNG) importer Excelerate Energy, will jointly study solutions for LNG imports into Vietnam.

The two sides signed a strategic partnership agreement in New York on Monday (local time) to study floating storage and regasification units (FSRUs) solutions for LNG delivery.

The signing ceremony took place within a roundtable between Vietnamese Party chief and State President To Lam and major U.S. businesses, part of the Vietnamese leader's activities during his working trip in the United States.

Through this strategic alliance, Excelerate and PTSC will leverage their unique strengths and combined resources to deliver affordable and reliable energy solutions that address Vietnam’s growing energy demands while supporting the country’s transition to carbon neutrality.

Under the partnership agreement, the two companies will conduct joint feasibility studies to assess the viability of FSRU opportunities in Vietnam. The studies aim to optimize existing natural gas infrastructure and augment domestic supply with regasified LNG to help meet the growing demand for natural gas and stimulate the development of a regional gas market.

Excelerate is a leading provider of FSRUs and LNG solutions, while PTSC is a leading provider of oil & gas and industrial services in Vietnam.

The strategic partnership with PTSC is an important step in line with Excelerate's strategy to invest in the rapidly growing Vietnamese LNG market.

In June 2024, Excelerate signed a term sheet with ITECO JSC, a Vietnamese based private development company, to co-develop a greenfield LNG import terminal in Vietnam's northern coastal city of Hai Phong.