The Prime Minister asked Qatari businesses to invest in LNG gas power

This proposal was raised by Prime Minister Pham Minh Chinh when meeting with the Qatar business delegation on October 31.

According to the Prime Minister, oil and gas, energy, especially nuclear power and LNG are the fields that Vietnam attracts priority investment. He also mentioned the fields of digital transformation, real estate projects, commerce, retail services, tourism and infrastructure.

Government leaders suggested that Qatari businesses invest in Vietnam in the above fields, especially LNG gas power with large-scale projects – an area where Qatari businesses have strong development strengths. In addition to investment, he wants the Qatari side to transfer industry, train human resources, and connect the supply chain of Vietnamese businesses with foreign countries.

According to Power Plan VIII by 2030, domestic gas thermal power sources and LNG will reach more than 37,000 MW, equivalent to nearly 25% of total source capacity. Of which, LNG gas power is about 24,000 MW, accounting for 15%.

Chairman of Qatar Business Association Faisal bin Qassim Al Thani, who is also Chairman of Al Faisal Holding, said that through surveys and research, they found that Vietnam has potential for investment cooperation. He said that Qatari businesses can absolutely promote investment and business cooperation in Vietnam and bring more Vietnamese goods into the Qatari market.

Qatar’s main resource is gas, with reserves of more than 25,000 billion m3, ranking third in the world. The country also possesses oil reserves of about 25.24 billion barrels, 14th in the world. Every day Qatar supplies about 1.53 million barrels of oil. This is also the world’s largest LNG exporter.

Therefore, LNG gas power was also a topic raised by Prime Minister Pham Minh Chinh when receiving Mr. Saad bin Sherida Al Kaabi, Qatar’s Minister of State in charge of energy issues and CEO of QatarEnergy Company.

He asked Qatar to support Vietnam in the energy sector, increasing and maintaining a steady supply of energy products such as crude oil, gas, chemicals, especially LNG to ensure electricity supply. .

According to the Prime Minister, Vietnam is amending the Electricity Law, which introduces many mechanisms and policies to attract investors to renewable power and new energy projects. He asked the State Secretary to direct QatarEnergy to increase investment and promote oil, gas and energy cooperation with Vietnamese partners.

State Secretary Al Kaabi assessed that Vietnam continues to achieve the leading GDP growth rate in Asia, leading to high growth in energy demand. He affirmed that gas power and LNG are very potential fields for cooperation between the two sides. QatarEnergy is negotiating with Vietnam Oil and Gas Group (PVN) on cooperation projects in this field.

Mr. Al Kaabi also proposed negotiating an agreement with Vietnam on the production and supply of urea fertilizer – a product processed from oil and gas.

QatarEnergy is Qatar’s state-owned oil and gas company, responsible for managing all oil and gas activities in the country. This group is one of the world’s leading producers of liquefied natural gas.

Previously, meeting with Prime Minister Pham Minh Chinh, Chairman of Qatar National Investment Fund (QIA) Bandar Al Thani expressed his readiness to expand investment in Vietnam. Mr. Bandar Al Thani said that QIA’s strategy is to increase investment in the Far East and East Asia regions, choosing places that can make long-term investments like Vietnam.

QIA is Qatar’s national investment fund and has estimated assets of about 475 billion USD by the end of 2023. In Vietnam, the State Capital Investment Corporation (SCIC) and QIA have signed a memorandum of understanding. Memorandum of Understanding (MOU) aims to find measures to promote cooperation and investment opportunities in Vietnam.