Vietnam - PVN calls for EU investors into local projects

HANOI - Vietnam Oil and Gas Group (PVN) has for the first time called for European investors to pour capital into 40 projects under its umbrella in the country, with an aim to approach advanced technologies for the local industry.

PVN and the European Chamber of Commerce (EuroCham) in Vietnam on Wednesday co-organized a seminar themed “Partnership with PetroVietnam – Exclusively for European Investors” to promote nearly 40 projects in the five core business areas in need of investment.

Attending the seminar was EuroCham president in Vietnam Preben Hjortlund along with the EU minister resident in Vietnam, ambassadors, commercial counselors and over 80 EU organizations and enterprises. The event saw the presence of PVN representatives comprising general director Do Van Hau, deputy general director Nguyen Tien Dung and many other senior executives.

General director Do Van Hau of PetroVietnam told the seminar that the cooperation with EU investors will help PVN acquire know-how of modern science-technology and management.

To accelerate growth in line with the restructuring project submitted to the Government for approval, PVN needs to expand cooperation to lure foreign investment, especially EU investors for a number of key schemes, Hau noted.

PVN is seeking foreign investors for the LNG Thi Vai warehouse, Nam Con Son 2 gas pipeline, Thai Binh 2 thermo power plant, Hua Na hydropower plant, Nhon Trach 1 hydropower plant, PetroVietnam-Vinatex Dinh Vu JSC (PVTex), Phuoc An port and Dung Quat ship building plant projects.

Besides, there are also many other opportunities for foreign investors to inject money into the group’s leading subsidiaries, Hau said.

Speaking at the seminar, EuroCham president said that this is a good chance for EU to understand more about investment conditions in the petroleum area in Vietnam.

The country has strong petroleum potential in Southeast Asia but it is still underdeveloped in terms of petroleum science technology and services, he said. Therefore, the collaboration with EU nations not only facilitates EU investors to sound out business opportunities in Vietnam but also allows the local petroleum industry to become more developed.

This is the first time that PVN has held a seminar to woo EU investors. It had earlier received positive signals when exploring investment demand in several targeted international markets and will speed up investment promotion in other markets in the coming time.

PVN in the restructuring scheme plans to focus on the five crucial areas including petroleum exploration, exploitation and oil refining, gas and electric industries and high-quality petroleum services.

Lan Nhi - The Saigon Times Daily

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