[lbo-talk] Petro Vietnam to invest US $208 million in Algeria

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Nhan Dan
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Last updated: 15:27 - August 28, 2006

Petro Vietnam to invest US $208 million in Algeria
http://www.nhandan.com.vn/english/business/280806/business_p.htm

The Vietnam Oil and Gas Corporation (Petro Vietnam) has been granted a
license from the Ministry of Planning and Investment to invest US $208
million to explore and exploit oil and gas in Algeria.

This is the biggest investment project abroad by a Vietnamese business in
Africa.

Earlier, a member of Petro Vietnam, the Petro Vietnam Investment and
Development Company (PIDC) and its two partners, the PTT Exploration and
Production Plc (PTTEP) of Thailand and Sonatrach Oil and Gas Company of
Algeria have won the right to exploit two oil block 433a and 416b in
Algeria. PIDC holds 40% stake in the project while PTTEP occupies 35% and
the remaining proportion belongs to Sonatrach. The two blocks has a total
reserves of 5,120 barrels a day.

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