AES, PetroVietnam Gas to sign $2.8 billion LNG deal: Pompeo

In this news, we discuss the AES, PetroVietnam Gas to sign $2.8 billion LNG deal: Pompeo.

HANOI (Reuters) – AES Corp. AES.N will sign an agreement with PetroVietnam Gas GAS.HM to develop a $ 2.8 billion liquefied natural gas (LNG) import terminal and power plant in Vietnam, US Secretary of State Mike said on Wednesday. Pompeo. .

“Vietnam has given the green light to AES Corp. AES.N, a company based in Virginia, to move forward with the project,” Pompeo said at a virtual Indo-Pacific affairs forum.

The deal will open the door to importing billions of dollars of US LNG into Vietnam each year, Pompeo said, describing it as a “real win-win situation.”

The forum, which is also attended by his Vietnamese counterpart Pham Binh Minh, comes as the United States steps up its rhetoric against the regional influence of Chinese state-owned enterprises.

“American companies adhere to the rule of law and transparency and have very high quality standards for their products,” Pompeo said. “I say this because it is quite a contrast to the companies supported by the Chinese state.”

Vietnam is building numerous electric-powered LNG plants, the first to be operational by 2023, an ambitious move that could see LNG become a major source of energy for its rapidly growing economy.

Much of that will be imported from the United States, which wants to reduce its trade deficit with Vietnam, which has widened to $ 44.3 billion in the first nine months of this year from $ 33.96 billion. dollars in the same period of 2019.

Also at Wednesday’s forum, Delta Offshore Energy formalized a previously announced plan for a $ 3 billion deal with Bechtel Corp., General Electric GE.N and McDermott MCDIF.PK for the development of a 3 billion LNG plant. , 2 gigawatts in Bac Lieu province, the US Embassy in Hanoi said.

Reporting by Khanh Vu and James Pearson; Edited by Martin Petty

Original © Thomson Reuters

Originally posted 2020-10-28 04:26:10.

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