Gazprom to review prospects for Southeast Asian projects
The Gazprom Management Committee took notice of the information about prospects of implementing the Company's projects in Southeast Asia.
The specialized structural units of Gazprom were tasked to elaborate this subject to be reviewed by the Gazprom Board of Directors at the meeting that would take place in the second quarter of 2012.
The Southeast Asian countries are states belonging to the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. East Timor is also a member of ASEAN and has a special observer status within it.
Rapid socioeconomic development of the region is a major factor in the growing energy consumption. With a view to expand fast the power generation facilities and to reduce the adverse environmental impact, natural gas is an ideal energy source for the Southeast Asian countries. In 2010 gas consumption in the region stood at 143.7 billion cubic meters.
With a high gas demand, the region remains a net exporter of this fuel owing to export supplies of liquefied natural gas (LNG). Based on 2010 results, Southeast Asia accounted for some 24 per cent of total LNG export worldwide or 70.7 billion cubic meters in absolute figures.
Due to these specific features of the Southeast Asian countries, Gazprom Marketing & Trading Singapore was established in 2009 to deal primarily with LNG trading. The company successfully operates in China, India, Japan, Republic of Korea, Taiwan, Thailand and other countries.
Considering Gazprom's plans on expanding its presence in the gas market of Southeast Asia, the company also participates in projects for exploration and development of petroleum resources in the region. As part of the Cooperation Agreement signed by Gazprom and PetroVietnam State Oil and Gas Corporation, the Russian side takes part in exploration and development of oil and gas blocks offshore Vietnam.