Vietnam, Venezuela establish oil joint venture

Representatives from Vietnam and Venezuela’s oil and gas industries officially signed a contract in capital Caracas on June 29 to found the PetroMacareo joint-venture in plot Junin 2 in the Orinoco belt, Venezuela.

The ceremony was witnessed by Vietnamese Deputy Prime Minister Hoang Trung Hai and many senior officials from Vietnam and Venezuela.

PetroMacareo is a joint-venture between the PetroVietnam Exploration Production Corporation (PVEP) and the Venezuelan Petroleum Corporation (CVP).

The contract has time-limit of 25 years with a possible extension of 15 years. The total investment capital for the 2009-2014 period is valued at US$1.825 billion.  

Deputy PM Hoang Trung Hai said he hopes that Venezuela’s government and its state agencies will create the right conditions for PVEP to carry out future stages.

He also confirmed that the Vietnamese government always supports the oil and gas industry in carrying out investment projects in Venezuela.

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