JXTG Nippon Oil and Energy Corporation (JXTG) inked a memorandum of understanding (MOU) with Vietnam National Petroleum Group (Petrolimex) to look into the development of LNG business in Vietnam.
The parties have agreed to carry out a feasibility study on the cooperative project for establishing LNG business in Vietnam.
JXTG has been seeking collaboration opportunities with Petrolimex as a strategic partner, the Japanese energy company said in a statement.
It started working-level discussions aimed at launching an LNG business project in Vietnam in March this year.
This joint project will contribute to the supply of energy in Vietnam where an increase in energy demand is anticipated along with economic growth.
JXTG will pursue a closer cooperative relationship with Petrolimex to develop new collaborative business opportunities in every possible business field.