Norway players keen on Vietnam’s LNG needs
Vietnam has huge energy demand while Norway is among the leading countries in providing solutions for LNG.
A spate of Norwegian companies are looking for Vietnamese partners to invest and to develop advanced solutions and technologies to meet the Southeast Asian country’s liquefied natural gas (LNG) needs.
|Norwegian Ambassador Grete Løchen delivers her opening remarks. Photo: Norwegian Embassy in Hanoi|
Up to 10 Norwegian companies/organizations took part in a Norway-Vietnam seminar on LNG in Hanoi on November 4, organized by the Royal Norwegian Embassy, Commercial Section (Innovation Norway) in Vietnam and Norwegian Energy Partner.
They are Norwegian Energy Partner, DNV GL, Export Credit Norway, Golar Power, Höegh LNG, Kanfer Shipping, LNT marine, LMG marine, LNT Marine, Passer marine, and Network LNG.
In addition, over 85 participants representing Vietnam’s LNG sector including the Ministry of Industry and Trade, Electricity of Vietnam VN, PetroVietnam, Petrolimex, PVpower, Genco 1, and domestic and international key players within Vietnam’s LNG industry joined the seminar.
The seminar treated two themes: (i) LNG to power and (ii) small LNG distribution to industrial end users such as existing power plants, chemical industries, fertilizer industries, etc.
It was aimed at creating a platform for the Norwegian companies to look for local partners to invest and to develop advanced solutions and technologies for Vietnam LNG industry, including floating LNG terminal and its facilities, FSRU (Floating Storage and Regasification), Floating LNG Power plant, small scale LNG distribution vessels and facilities, possible financial solutions for LNG projects, etc.
The seminar also offered an opportunity to promote active dialogue among LNG producers, consumers and other stakeholders with a view to deepening shared understandings of the global LNG market trends and exploring cooperation possibility.
“LNG is the cleanest fossil fuel. In the context of the current energy transition in Vietnam and regionally, LNG represents an excellent alternative to coal thermal power in terms of less air pollution,” said Norwegian Ambassador Grete Løchen in her opening remarks.
Norway is among the leading countries in providing high-tech and smart solutions for the entire supply chain in the LNG industry. With much expertise, knowledge and technologies in the LNG industry, Norwegian companies are willing to transfer and share with Vietnam”, the ambassador noted.
According to the Norwegian embassy in Hanoi, Norway and Vietnam share similarities in terms of size and long coastlines, and both countries have oil and gas industry. However, Norway is a net energy exporting country, while Vietnam tends to become a net energy importer.
Norway is among the leading countries in providing solutions for LNG. Norwegian LNG companies cover every step in LNG supply chain, which includes production of LNG, LNG regasification, LNG transportation, and production of power from LNG.
Especially, Norway is the first country in the world to develop solutions for floating LNG terminals, which are cost effective, reliable and can be delivered within a very short timeline. Norway is also well-known for providing solutions for developing small scale LNG vessels to transport LNG from LNG terminal to industrial end-users such as small power plants, chemical industries, fertilizer industries and others.
Meanwhile, Vietnam is in a transition period of phasing out coal use and shifting to cleaner energy sources.
According to Vietnam’s Power Development Plan VII, during the 2025 - 2030 period, Vietnam will need new LNG power plants with a total capacity of approximate 15,000 MW -19,000 MW to meet the rapidly increasing growth rate of the domestic power demand.
Vietnam's gas supply is forecast to fall short of demand from 2020, due to the decline of the country's gas reserves and the delayed development of new gas fields, which makes it necessary to import more LNG to supplement fuel for power plants in the South of Vietnam.
Vietnam’s Plan for Development of the Gas Industry by 2025 with Vision to 2035 forecasts that, during the 2021-2025 period, Vietnam will need to import 1 - 4 billion m3 of LNG per year which will be increased to 6-10 billion m3 p.a after 2026. About 75% of the imported LNG will be used as fuel for power plants to secure a rapidly growing Vietnam’s economy.
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