PetroVietnam, Egypt’s EGPC Ink MoU

The state-owned oil monopoly PetroVietnam group and the Egyptian General Petroleum Corporation (EGPC) have signed memorandum of understanding (MoU) on oil and gas exploration and production cooperation, People’s Army newspaper reported, citing PetroVietnam source.

 

The MoU inked in Egypt November 9 will facilitate the two companies to cooperate in oil and gas exploration, exploitation and production in Egypt, Vietnam or a third country.

 

Apart from joining hands in exploration and production, the two will mull over cooperation expansion in other fields, said the newspaper.

 

The MoU signing was one of PetroVietnam’s first steps in developing operations in Egypt and other neighbors.

 

According to Hoang Xuan Hung, member of Board of Directors of PetroVietnam, the group planned to purchase most of the stake of the Dubai-based Al Thani Investment Group in the South Siwa block in Egypt.

 

PetroVietnam has so far poured more than $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. (Labor, VNS)