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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