Commodities
TotalEnergies Bolsters Position in Vietnam's Energy Sector with LNG and Renewables Deals
TotalEnergies has strengthened its position in Vietnam's energy sector with two memorandums of understanding signed with PV GAS and T&T Group. The agreements cover liquefied natural gas (LNG), renewable energy, LPG, and joint research and development.
The most concrete element is the Long Son LNG-fired power plant, a project valued at over $1.5 billion. TotalEnergies has signed a memorandum with T&T Energy Group to cooperate on developing the plant in Ho Chi Minh City.
T&T is seeking to establish a joint venture with TotalEnergies for the development of the Long Son project. While these agreements are non-binding, they indicate that Vietnam is prioritizing LNG and renewable energy as part of its transition away from coal-fired power plants.