The two sides began negotiations on this deal in 2012 within the framework of the comprehensive strategic cooperation between their parent companies, the Vietnam National Oil and Gas Group (PetroVietnam) and Gazprom.
Gazprom M&T is the first LNG provider PV GAS has signed such a contract with to ensure LNG supplies for the Thi Vai port warehouse project.
This is an important project of PV GAS which aims to realise its strategy to diversify gas supplies as well as make up for gas shortages in the coming years.
The project has an annual capacity of 1 million tonnes of LNG and is expected to become operational in 2017.
