PetroVietnam signs deal with Mozambican partners

The Vietnam National Oil and Gas Group (PetroVietnam) and its Mozambican counterpart Empresa Nacional de Hidrocarbonetos de Mocambique (ENH) have signed a deal to explore for and produce oil and gas.

Under the terms of the agreement, which was signed during a PetroVietnam delegation’s visit to Mozambique from Nov. 30-Dec. 1, the two state-owned conglomerates will expand oil and gas exploration and production in Vietnam , Mozambique and a third African country.

PetroVietnam also signed a cooperation pact with the Mozambican Investment Management Agency (SPI) to enhance investments in areas of mutual interest in Vietnam and Mozambique.

SPI will put forward projects calling for investment in mining and electricity generation in the East African country.

Mozambique is currently looking for a large flow of foreign investment into its oil and gas projects, as well as titanium mining, tourism, power stations and its national grid.

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