PetroVietnam boosts investment overseas

The Vietnam National Oil and Gas Group (PetroVietnam) said it is focusing on seeking investment opportunities in foreign countries, particularly in oil and gas exploration and exploitation.

In the first six months of this year, PetroVietnam signed six contracts to explore and exploit oil and gas overseas. In addition, it is finalising procedures to open representative offices in the Middle East and Venezuela.

PetroVietnam has so far poured more than 226 million USD into 21 projects overseas, with nearly 90 percent of the investment going to development and exploitation and the rest to exploration.

In addition to oil and gas projects, PetroVietnam is investing in hydro-electric power plants in Laos and Cambodia.

It is also asking for Lao permission to exploit barite ore in the provinces of Huaphan and Savanakhet.

VNN

>   Iran spotlights poor trade with Vietnam (24/07/2008)

>   Efforts to speed up FDI disbursement rate (24/07/2008)

>   Vietnam to import 400,000 tonnes of salt this year (24/07/2008)

>   Retail distribution gets overhaul (24/07/2008)

>   Vietnam, Iran seek trade and business opportunities (23/07/2008)

>   High inflow of FDI: good or bad news? (23/07/2008)

>   Chinese machinery exhibition kicks off in HCM City (23/07/2008)

>   HCM City reports twelve-fold year-on-year increase in FDI influx (23/07/2008)

>   Vietnam urged to boost exports and domestic production (23/07/2008)

>   Vietnam imports more salt to cope with first shortage in decades (23/07/2008)