Gazprom and PetroVietnam start CNG vehicle joint venture
Russian giant Gazprom and oil conglomerate PetroVietnam have founded a joint venture, PVGazprom Natural Gas for Vehicles, focused on the development of the compressed natural gas (CNG) market.
The $1 billion joint venture will be specializing in the production of engines fuelled by compressed natural gas (CNG) in Vietnam, as well as improving the installation of refuelling facilities across the country.
Gazprom is completing the construction of its main Vietnamese production plant and a number of fuel distribution stations in the southern region, said Kovtun Andrey, chief representative of Gazprom International, as reported by Tuoi Tre News.
PVGazprom Natural Gas for Vehicles is the latest step from Vietnamese authorities to enhance the use of natural gas for vehicles. Authorities of Ho Chi Minh City recently revealed plans to switch all city buses to CNG-powered engines by 2020, as they put a special focus on clean energy production.
