The Tokyo Electric Power Company, Inc (TEPCO) announced today that it has signed a
Memorandum of Understanding (MOU) with Vietnam Oil and Gas Group (Petrovietnam),
the nation's largest oil and gas company. TEPCO and Petrovietnam will explore the
possibility for the joint development of coal-fired power stations in Vietnam where
Petrovietnam possesses development rights.
Over the years, TEPCO has developed a mutual relationship with Petrovietnam through
receiving natural gas to the Phu-my 2-2 thermal power station in Vietnam of which
TEPCO retains partial ownership. TEPCO believes that the MOU with Petrovienam will
facilitate the overseas business development, considering the possibility of a wide
range of cooperation between two companies in the electricity sector in Vietnam.
Given that the electricity demand is expected to increase in step with Vietnam's
rapidly growing economy, TEPCO plans to utilize its business experience acquired
through the investments and consulting services around the globe to cultivate other
potentially attractive future opportunities in Vietnam.
TEPCO hopes that the signing of this MOU will not only strengthen the relationship
between the two companies through the discussion on the joint development of coal-fired
power stations but will also lead to mutual cooperation on various projects spanning
a wide range of business opportunities in Vietnam. TEPCO further expects that the
signing of this MOU will contribute to strengthening the relationship between the two
Appendix: Outline of Vietnam Oil and Gas Group (Petrovietnam)(PDF 7.82KB)