RoK interested in exploring for oil in Vietnam

The Republic of Korea (RoK) will engage in a joint venture project to explore for oil in Vietnamese waters. An agreement to this effect has been signed recently by the Korean Institute of Geoscience and Mineral Resources KIGAM and Vietnam’s Agency for Sea and Island Control on the sidelines of the ASEAN-RoK Commemorative Summit held on Jeju island.

Under the agreement, both sides agreed to step up oil exploration by two Vietnamese oil rigs partly, owned by the Korean National Oil and Gas Corporation.

In addition, the RoK asked Vietnamese legislators to consider buying a Korean-made nuclear reactor technology in order to meet the nation’s future energy needs. Vietnam has plans to build two 1,000 MW nuclear reactors by 2020.

According to the RoK’s Ministry of Economic Affairs, the State-run Mine Reclamation Corporation will join an environmental protection project in Vietnam’s famous beauty spot Ha Long Bay.

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