At the meeting, Leonid Viktorovich Mikhelson, Chairman of Novatek, introduced the company’s development history and its strategic direction in Vietnam.

Expressing his honor in welcoming the Prime Minister, he described Vietnam as one of the fastest-growing economies in the world, with a strong focus on energy development. Novatek, he said, hopes to continue receiving support to expand its cooperation and investment activities in Vietnam, based on the Comprehensive Strategic Partnership and longstanding traditional ties between the two countries.

Founded in August 1994, Novatek operates primarily in the exploration, production, processing, and trading of natural gas and liquid hydrocarbons. It is Russia’s second-largest natural gas producer after Gazprom and ranks as the world’s seventh-largest publicly traded company by gas output. In the Forbes Global 2000 list in 2020, Novatek was ranked 316th among the world’s largest public companies.

The company has successfully implemented large-scale LNG projects and developed proprietary liquefied natural gas technologies. It is currently showing strong interest in Vietnam’s LNG sector, including participation in the Ca Na project alongside partners such as Zarubezhneft, while also exploring opportunities in Vietnam’s rapidly growing gas market.

Prime Minister Pham Minh Chinh praised Novatek’s achievements, noting that its operations align with Vietnam’s major strategic goals, including achieving economic growth of 10% or higher and reaching net-zero emissions by 2050. He emphasized that such ambitions, along with the development of emerging sectors like artificial intelligence, will require substantial energy resources.

Highlighting energy cooperation as a bright spot in over 50 years of Vietnam-Russia relations, the Prime Minister expressed appreciation for Russia’s support in developing Vietnam’s oil and gas sector, helping the Vietnam National Industry - Energy Group evolve into a multinational corporation. He stressed that energy remains an area where Russia has strong expertise and Vietnam has significant demand, making it a key pillar of the Comprehensive Strategic Partnership.

In the context of increasingly complex and unpredictable global developments, he noted that strengthening ties with traditional partners and diversifying supply sources, markets, products, and supply chains is of critical importance. Vietnam is also accelerating the application of science, technology, and innovation to restructure and transform its energy sector.

Affirming that both sides share demand and ideas for cooperation, the Prime Minister expressed support for Novatek to expand its operations and investment in Vietnam in line with legal regulations, while building on the foundation of the bilateral Comprehensive Strategic Partnership and existing cooperation outcomes in the energy sector. He also emphasized the importance of effective collaboration and fair competition with other partners and investors.

Noting that Vietnam is reviewing and amending legal frameworks related to the electricity sector, the Prime Minister welcomed Novatek’s participation in developing LNG infrastructure projects, including storage and port systems, as well as LNG-to-power plants in areas such as Hai Phong - Quang Ninh, Nam Du (An Giang), Nghi Son (Thanh Hoa), and Ca Na (Khanh Hoa). He also encouraged the company to provide a stable LNG supply to the Vietnamese market and to propose timely solutions to address any obstacles.

Emphasizing the spirit of “connecting the past, leveraging the present, and looking toward the future,” as well as “valuing time, prioritizing intellect, and making timely decisions,” the Prime Minister called on Novatek to work closely with local authorities, government agencies, and Vietnamese energy enterprises such as Petrovietnam and Vietnam Electricity, as well as private companies, to implement joint projects, including the construction of major LNG storage facilities in Vietnam.

He also encouraged Vietnamese enterprises to strengthen cooperation with Novatek in LNG liquefaction technologies.

Novatek’s leadership expressed strong agreement and affirmed that the company will actively engage with Vietnamese partners to advance the cooperation initiatives discussed during the meeting.