France’s world leading energy operator Total is considering a US$1.2-billion liquefied natural gas (LNG) and power complex project in Vietnam’s central province of Ninh Thuan, according to Vietnam Investment Review.
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In early November, on the occasion of French Prime Minister Edouard Philippe’s official visit to Vietnam, Total signed a memorandum of understanding (MOU) with Ninh Thuan’s local authority in studying the development of the Ninh Thuan LNG complex project.
The project was also mentioned by a Total executive during a meeting with Prime Minister Nguyen Xuan Phuc during his trip to Singapore in the end of April. In the meeting, Christian Cabrol, Total’s vice president, said the group was interested in producing electricity and LNG in Vietnam.
Total first tapped into Vietnam’s market in 1990, but only started making its major move in 2009 through the acquisition of Exxon Mobil’s Vietnam lube business. The purchase includes a lubricant blending plant in the southern Vietnamese province of Dong Nai and Exxon’s base oil distribution network throughout the country.
In 2012, Total acquired the local liquefied petroleum gas trader Dai Viet Energy Company (Vinagas) in a bid to strengthen its position in the local LPG market.
Recently, the group has expressed its interest in acquiring a 30% stake of PetroVietnam Gas (PV Gas). PV Gas’ current foreign ownership stands at 3.31%, and the company aims to reduce the state holding from the current 95% to below 65% by 2020.
