BUSINESS IN BRIEF 12/11 17:30' 12/11/2009 (GMT+7)
Vietnam to explore for oil in Cambodia
The PetroVietnam Exploration and Production Corporation (PVEP) and
Cambodia's National Petroleum Authority (CNPA) signed a contract on Nov. 12 to
drill for oil in block XV, northeast of Tonle Sap Lake, on Cambodia’s
mainland.
Under the contract, signed by PVEP’s President and CEO Nguyen Vu Truong
Son and the Cambodian Deputy Prime Minister cum CNPA Chairman Sok An, the
Vietnamese partner will hold a 100 percent interest.
The project will be managed and operated by PVEP-Mekong, a subsidiary of
PVEP who is currently operating oil fields in Laos and Myanmar.
The duration of the contract is 30 years for oil and 35 years for gas and
exploration is expected to take seven years.
According to Nguyen Vu Truong Son, the contract plays an important role in
developing the comprehensive relationship between Vietnam and Cambodia,
and is also a breakthrough for the two countries in working together in the
oil and gas industry.
The contract is PVEP’s 55 th project and the 17 th project it operates by
itself.
Italian region helps develop Vietnam’s footwear sector
The central Italian region of Toscana on Nov. 11 decided to provide
250,000 EUR (350,000 USD) for a project to be carried out in 2010 to develop
Vietnam’s leather and footwear industries.
The project is under the cooperation framework between Toscana’s Economic
Promotion Agency and the Vietnam Leather and Footwear Association.
Ninety percent of the project’s budget will come from the European
Commission (EC).
The project is part of a series of initiatives on developing economic,
trade and cultural cooperation between Toscana and Vietnam as well as creating
opportunities for businesses from the region to penetrate the Vietnamese
market.
With a strong leather and footwear industry, Toscana sees Vietnam as an
ideal destination to do business.
Under the project, a group of Vietnamese entrepreneurs will visit Toscana
next March.
Russia supports cooperation with PetroVietnam
Russian Deputy Prime Minister Igor Sechin affirmed his support for
cooperation between Russian companies with the Vietnam National Oil and Gas
Group
(PetroVietnam).
The Russian Deputy PM received PetroVietnam General Director Phung Dinh
Thuc in Moscow on Nov. 10, saying he would encourage Russian businesses to
extend oil and gas cooperation projects with PetroVietnam in Vietnam and
Russia , as well as in third countries for mutual benefits and contributing to
the special traditional relations between the two governments and people.
The PetroVietnam leader thanked the Russian Government for its assistance
to the strategic cooperation between the two countries in the oil and gas
field. He also briefed the host about current situation and prospects for
cooperation between the two sides in this field.
Moc Bai border zone facilitates nation’s ties with neighbours
The Moc Bai Bordergate Economic Zone in the southern province of Tay Ninh
will be developed into a tourism and trade centre serving the nation’s
economic, cultural, and political ties with the neighbouring country of
Cambodia and other countries in ASEAN.
A revised development plan for the zone until 20202, which has just
received approval from the Prime Minister, also aims to turn Moc Bai into an
economic, cultural, scientific and technological centre for the entire
southeast region.
According to the adjusted plan, the Moc Bai zone will cover 21,284 ha of
land, with 305 ha reserved for residential areas, 250 ha for trade and
services centres and 300 ha for concentrated industrial zone.
By the year 2020, the zone is expected to have a population of 100,000
people.
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