Petrovietnam, Cuba to work in oil and gas sector http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-10-09T043721Z_01_HAN32447_RTRIDST_0_ENERGY-VIETNAM-CUBA.XML&rpc=66&type=qcna
Mon Oct 9, 2006
HANOI, Oct 9 (Reuters) - State oil monopoly Petrovietnam has entered a partnership with Cubapetroleo to co-operate in the oil and gas sector, the Vietnam News Agency (VNA) reported.
The two companies signed a co-operation agreement last week in Havana during a visit by Vietnamese Industry Minister Hoang Trung Hai, a VNA report seen on Monday said.
Details of the agreement were not available.
Cuba, which produces around 70,000 barrels per day (bpd) of poor quality oil and still relies on imports from its ally Venezuela, has signed up four foreign firms other than Petrovietnam to look for offshore oil in the Gulf of Mexico so far this year.
A Petrovietnam official told Reuters on Monday that the company has also entered into a partnership with Venezuela's state oil company PDVSA to search for oil there to offset declining production at home.
VNA also quoted President Hugo Chavez as saying Venezuela planned to assist Vietnam in building a refinery using the money from the sale of a joint-venture plant in Texas.
PDVSA in August sold Citgo Petroleum Corp. -- its stake in the Houston refinery -- to partner Lyondell Chemical Co. (LYO.N: Quote, Profile, Research) for $2.1 billion.
Vietnam is the third-largest crude oil producer in Southeast Asia after Indonesia and Malaysia, with daily output averaging 350,000 barrels.
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