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Tokyo Gas, PetroVietnam ink gas deal

By  AOG Staff Wednesday, 02 August 2017 22:41
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Tokyo Gas Asia, a wholly owned subsidiary of Tokyo Gas has acquired a 24.9% equity interest in PetroVietnam Low-Pressure Gas Distribution Joint Stock Co. (PVGas D), a subsidiary of PetroVietnam Gas Joint Stock Corp. (PV Gas).

Along with the equity interest acquisition, Tokyo Gas Asia and PVGas D have agreed upon a strategic alliance (SAA). Based on the SAA, Tokyo Gas Group will utilize its technologies and expertise in such areas as demand development and the introduction of energy-saving technologies to enhance PVGas D’s business value.

Tokyo Gas and PV Gas back in March 2012 signed a memorandum of understanding (MOU) for cooperation on the development of the liquefied natural gas value chain in Vietnam, and have been in discussions since then on the specifics of the cooperation. The acquisition of the equity interest in PVGas D is the second cooperation under the MOU followed by the establishment of LNG Vietnam JSC.

“The Tokyo Gas Group will continue to utilize its technologies and expertise in total energy businesses on behalf of customers operating in Southeast Asia and North America, helping them with energy solutions, while engaging in local infrastructure development. The Tokyo Gas Group is also taking up the challenge of value chain development in each region, including through partnerships with local energy companies,” it said in a statement. 

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