Gazprom, PetroVietnam set up $1 billion joint venture

The joint venture will produce engines fueled by compressed natural gas.

Russian gas producer Gazprom and Vietnam’s state-run petroleum conglomerate PetroVietnam founded a $1 billion joint venture that will produce engines fueled by compressed natural gas, Tuoitre News reported.

The joint venture named PVGazprom Natural Gas for Vehicles is now developing a production plan, the website said, citing Andrey Kovtun, chief representative of Gazprom International. It is also completing the construction of its main production plant and other functional facilities, according to the website.

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