PetroVietnam Inks Oil, Gas Exploration, Production in Uzbekistan
State-owned oil monopoly PetroVietnam group has recently clinched a deal with Uzbeneftegaz group of Uzbekistan to invest in oil and natural gas exploration and production in the Central Asian country.
Under the deal, the two sides will jointly carry out geological probe, oil and natural gas production, as well as exchange experts in order to exploit oilfields in Uzbekistan and other regions in the world.
The two groups have also reached a summary agreement on technology transfer of liquefying underground coal into gas.
All the achievements were reached after the second meeting of the Vietnam-Uzbekistan Intergovernmental Committee on science and technology, trade and economic cooperation, which opened August 20-21 in Hanoi.
PetroVietnam and Petroleos de Venezuela (PDVSA) are negotiating to set up an oil refining joint venture in Vietnam and another in Venezuela in the near future in a bid to accelerate bilateral cooperation in the oil and gas sector.
The group has so far poured more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon.
It is boosting cooperation with foreign partners to complete its target of producing between 16.2 million and16.3 million tons this year. (Investment)
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