Novatek Inks Deal for 1 Million Metric Tons of LNG with Vietnam

Novatek, Russia's largest liquefied natural gas (LNG) producer, is nearing a deal to supply LNG to Vietnam. The company plans to begin deliveries in 2027.

Citing Novatek CEO Leonid Mikhelson, The Moscow Times reported that the company is discussing the supply of 1 million metric tons of LNG to Vietnam.

This development comes as Novatek seeks new export markets for its LNG amid the European Union's phased ban on Russian gas imports. The EU banned Russian LNG imports under short-term contracts in April but will allow imports under long-term contracts until January 2027.

Novatek owns two large-scale LNG plants, Yamal LNG and Arctic LNG 2, which is subject to Western sanctions. China is preparing a second import terminal to handle LNG shipments from Arctic LNG 2.