AES and PetroVietnam Gas to develop a $2.8 billion LNG import terminal

On Wednesday, AES Corporation (AES.N) said that it would sign an agreement with PetroVietnam Gas (GAS.HM) to develop a liquefied natural gas (LNG) import terminal worth $2.8 billion and another power plant located in Vietnam.

AES stated that Vietnam started building multiple LNG-to-power plants which will be operational in 2023.

“Vietnam has given the green light to AES Corp. AES.N, a company based in Virginia, to go forward with the project,” United States Secretary of State Mike Pompeo stated at a virtual Indo-Pacific Business Forum.

Vietnam’s Minister of Foreign Affairs Pham Binh Minh also attended the Indo-Pacific Business Forum.

“American companies adhere to the rule of law and transparency and have very high standards of quality for their products. I say that because that’s quite a contrast with the Chinese state-backed companies.” Pompeo said in an interview about the regional influence of Chinese state firms.