Tokyo Gas is reportedly working on a liquefied natural gas partnership in Vietnam to take advantage of expected rise in demand for the chilled fuel.
According to a report by Nikkei, Tokyo Gas plans on forming a joint venture with PetroVietnam Gas and other companies during the month.
The investment in the JV is estimated at several hundred million yen (100 million yen = approx $997,000), with Tokyo Gas acquiring around 10 to 20 percent stake in the joint company.
Besides PetroVietnam Gas, a unit of state-owned Vietnam Oil and Gas Group, a local construction company is another partner in the JV.
The joint company will launch a feasibility study to look into the options of setting up LNG facility for storage as well as pipelines that would enable creation of a supply network, according to the report.
Depending on the results of the studies, the joint venture’s scope would be increased with Tokyo Gas also upping its involvement in the project.
Tokyo Gas has not responded to an email seeking comment on the report by the time this article was published.
LNG World News Staff