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

Overview

TotalEnergies signed two memoranda of understanding with Tổng công ty Khí Việt Nam (PV GAS) and T&T Group at the Vietnam-France Leadership Forum in Paris on 10 September, covering LNG, renewable energy, LPG and a joint study of the Long Son LNG power plant. The agreements were signed during the official France visit of Tổng Bí thư, Chủ tịch nước Tô Lâm. For PV GAS, listed on HOSE under ticker GAS, the MOU frames a long-term cooperation across the gas and power value chain rather than a committed investment.

Key Facts

• Two MOUs signed in Paris on 10 September at the Vietnam-France Leadership Forum.
• First MOU: TotalEnergies and PV GAS, covering LNG, renewable energy and LPG across the energy value chain.
• Second MOU: TotalEnergies and T&T Group, focused on the Long Son LNG power plant project in the Ho Chi Minh City area.
• Under the Long Son structure, TotalEnergies is designated exclusive LNG supplier, while the TotalEnergies-T&T consortium would develop, build and operate the plant.
• TotalEnergies states it has been present in Vietnam for 35 years, notably in Marketing & Services and LPG supply.
• Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, commented on the agreements.
• The article does not disclose contract values, capacity figures, timelines or binding volumes.

What Happened

The agreements were announced as memoranda of understanding, a framework stage that establishes intent to study and develop cooperation rather than a finalised commercial contract. The first MOU, between TotalEnergies and PV GAS, sets out a framework for the two parties to research and develop new cooperation opportunities across Vietnam’s full energy value chain, with three stated priority areas: liquefied natural gas (LNG), renewable energy and liquefied petroleum gas (LPG). TotalEnergies said the scope is intended to support Vietnam’s development goals and energy transition objectives.

The second MOU, with T&T Group, is narrower and project-specific, targeting the Long Son LNG gas-fired power plant in the Ho Chi Minh City area. Under the described structure, TotalEnergies would serve as exclusive LNG supplier, while a consortium of the two companies would participate in developing, constructing and operating the power plant. Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said the agreements reflect a shared commitment with Vietnamese energy stakeholders and build on existing trusted relationships, citing the group’s 35 years of presence in Vietnam.

Market Context

PV GAS trades on HOSE under ticker GAS and closed at VND 82,900 on 12 September 2026, according to the price context provided. GAS sits in the Utilities sector and is the listed vehicle most directly tied to Vietnam’s gas value chain, making it the primary read-through from the PV GAS MOU. The T&T Group side of the announcement has no listed equity exposure in the affected ticker set. The news lands against a broader Vietnamese market theme of energy transition and LNG import infrastructure, where foreign partnership announcements have been a recurring catalyst for gas and power names.

Strategic Significance

The strategic question for GAS holders is whether the MOU converts into contracted LNG volumes and downstream power offtake. TotalEnergies brings upstream LNG supply, trading and project expertise; PV GAS brings domestic gas infrastructure, regasification capability and customer relationships. If the framework advances, it could position PV GAS closer to the centre of Vietnam’s LNG-to-power chain, a segment where the country needs imported molecules to replace declining domestic gas production and to backstop power demand growth. The Long Son element matters because it pairs an exclusive supplier role for TotalEnergies with a build-own-operate consortium, a structure that, if replicated, could anchor long-term demand for PV GAS’s regasification and distribution assets.

What to Watch

• Conversion of either MOU into a binding agreement, including disclosed contract values, LNG volumes or power capacity.
• Any PV GAS disclosure on HOSE regarding the scope, duration or commercial terms of the framework.
• Progress on the Long Son LNG power plant, including investment registration, site approvals and power purchase agreement terms.
• Vietnam power development plan updates and LNG import terminal utilisation data.
• Further TotalEnergies announcements on Vietnamese renewable or LPG assets beyond the current MOUs.