Gazprom Group and Petrovietnam, the Vietnam Oil and Gas Group, established JOC Vietgazprom on a parity basis.
In 2015, another Russia-Vietnam joint venture, PVGAZPROM NGV, was established with Gazprom Group participation. Its objective is to implement an NGV project in Vietnam. In this joint venture, Russia is represented by Gazprom International as well Gazprom Gas-Engine Fuel.
PVGAZPROM NGV joint venture
The agreement for the establishment of an NGV production joint venture was signed in November 2013 in Hanoi, the capital of the Socialist Republic of Vietnam, by Alexey Miller, Chairman of the Gazprom Management Committee, and Do Van Hau, President of Petrovietnam, in the presence of the Presidents of Russia and Vietnam.
In October 2015, the Department of Planning and Investment of Ho Chi Minh City (the industrial and commercial center of Southern Vietnam) issued the certificate of registration of PVGAZPROM Natural Gas For Vehicles Limited Liability Company (PVGAZPROM NGV), the joint Vietnamese-Russian company for carrying out NGV projects.
The release of this certificate concluded the registration procedure for the joint venture comprised of Gazprom International (35.5%), Gazprom Gas-Engine Fuel, Gazprom's sole operator for developing the NGV market (35.5%), and PETROVIETNAM GAS joint-stock gas company, a subsidiary of Petrovietnam (29%).
In accordance with the founding documents, the objectives of the trilateral joint venture include construction and commissioning of natural gas liquefaction units, CNG filling stations, cryogenic and multi-fuel filling stations, refueling terminals for water and railway transport; LNG import, storage and regasification systems; vehicle re-equipment and technical maintenance points, and other gas-engine infrastructure objects for servicing cars and machinery fueled by natural gas