Japan's Toho Gas invests in Vietnamese gas sector
Japan’s Toho Gas on November 18 said it would participate in the natural gas sales business for industrial use in Vietnam, by investing in Phuc Sang Minh Trade Engineering Services Joint Stock Company (PSE), a local firm involved in CNG and LPG sales, gas equipment trading, system construction, and installation business.
Toho Gas said that the demand for natural gas in Vietnam is increasing due to expansion in energy demand and the country’s desire to switch from petroleum or coal to natural gas to reduce CO2 emissions.
“We will promote the cultivation of natural gas demand in Vietnam through PSE by leveraging our know-how and expertise accumulated through past experience in promoting natural gas use,” Toho Gas added.
Toho Gas will own 40% of PSE while Vo Phuong Trinh and other individuals will own the rest 60%. This is the Japanese company's maiden investment in Vietnam.