TotalEnergies Signs LNG and Renewables MOUs with PV GAS and T&T Group

Overview

TotalEnergies signed two memoranda of understanding in Vietnam, one with PetroVietnam Gas (PV GAS, HOSE: GAS) covering LNG, renewable energy and LPG, and one with T&T Group covering the Long Son LNG-to-power project in Ho Chi Minh City. The agreements are non-binding frameworks, but they place PV GAS at the centre of a potential long-term LNG supply chain anchored by a major international energy company.

Key Facts

• First MOU signed with PetroVietnam Gas (PV GAS), listed on HOSE under ticker GAS, establishing a cooperation framework across three priority areas: LNG, renewable energy and LPG.
• Second MOU signed with T&T Group to pursue cooperation on the Long Son LNG power plant in Ho Chi Minh City.
• Under the Long Son arrangement, TotalEnergies would act as exclusive LNG supplier to the project.
• Development, construction and operation of the Long Son plant would be carried out by a consortium between the two parties.
• Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, signed off on the agreements and cited the company’s 35-year presence in Vietnam.
• TotalEnergies currently operates in Vietnam primarily through Marketing & Services and LPG supply activities.
• No contract volumes, LNG cargo quantities, investment values or timelines were disclosed in the announcement.

What Happened

According to the announcement, the first memorandum was signed with PetroVietnam Gas and sets out a framework to strengthen cooperation on new opportunities across the full energy value chain in Vietnam. The document identifies three priority areas: LNG, renewable energy and LPG, framed as support for the country’s development goals and energy transition. The second memorandum, signed with T&T Group, is aimed at seeking cooperation opportunities to develop the Long Son project, a gas-fired LNG power plant located in Ho Chi Minh City.

Under that second agreement, TotalEnergies would serve as the exclusive LNG supplier to the project, while a consortium formed by the two parties would handle development, construction and operation of the power plant. Stéphane Michel, President of the Gas, Renewables & Power segment at TotalEnergies, said the two agreements reflect a shared commitment between the company and stakeholders in Vietnam’s energy sector and build on the existing partnership between the parties. He pointed to TotalEnergies’ 35 years of presence in Vietnam, particularly through Marketing & Services and LPG supply, and said the company wants to contribute its expertise in LNG, renewables and the gas-to-power value chain.

Market Context

PV GAS trades on HOSE under ticker GAS and closed at VND 82,900 on 12 September 2026. The company sits in the utilities sector and is the dominant domestic gas distribution and processing platform, making it the natural counterparty for any LNG import and regasification build-out. Vietnam’s Power Development Plan VIII targets substantial gas-fired capacity by 2030, and the Long Son project fits that policy direction. The MOU news does not by itself change near-term earnings for GAS, and the absence of disclosed volumes or capital commitments limits the immediate read-through for the share price.

Strategic Significance

The strategic value for GAS lies in securing a credible international LNG supplier and a partner with upstream, shipping and trading capability, which matters because Vietnam’s domestic gas production is declining while gas-fired power demand is set to rise. If Long Son proceeds, PV GAS would likely be involved in the downstream chain through regasification, transmission or distribution infrastructure, extending its role beyond domestic offshore gas. For TotalEnergies, the MOUs are a low-cost option on Vietnam’s LNG import market, replicating a model it has used elsewhere in Asia. The key risk is that MOUs frequently do not convert into binding offtake or supply agreements, and the Long Son consortium structure, financing plan and power purchase agreement remain undefined.

What to Watch

• Conversion of either MOU into a binding LNG supply agreement or shareholders’ agreement, with disclosed volumes and pricing terms.
• Progress on the Long Son LNG power plant’s power purchase agreement and any update on its capacity and commissioning schedule.
• PV GAS disclosures on LNG import terminal, regasification or storage investment tied to the cooperation framework.
• Vietnam’s updated Power Development Plan implementation and any revised gas-fired capacity targets.
• GAS quarterly earnings and management commentary on LNG volumes and margin contribution.