PetroVietnam seeks $7b investment

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Vietnam’s state-owned oil and gas giant PetroVietnam is looking for investments in the range of $7 billion to $7.5 billion from European enterprises to fund eight major projects in the country’s petrochemical sector, according to  a report by Thanh Nien News.

There will be a government loan guarantee for the power projects, Nguyen Tien Dung, PetroVietnam vice president, said.

The Thi Vai LNG receiving terminal, Nam Con Son 2 gas pipeline, three thermal power plants and Phuoc An port are among the projects offered, the Hanoi-based group said in a separate statement.

PetroVietnam has been calling for investment in the past few years to fund several dozen projects including expansion of its existing refinery and plans to build a third, nine power plants and a series of upstream projects domestically and overseas.

Investors from Japan, Singapore, Russia, Venezuela, Korea have already shown interest, the company said, but it wants to attract attention also from possible European partners.

State media have reported that Japan’s JX Nippon Oil and Energy Corp and Venezuela’s state oil company PDVSA could sign a memorandum of understanding with PetroVietnam to join the expansion plan. The head of the refinery said the companies have shown interest but there have been no negotiations with them yet.

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Reading Time: 1 minute

Vietnam’s state-owned oil and gas giant PetroVietnam is looking for investments in the range of $7 billion to $7.5 billion from European enterprises to fund eight major projects in the country’s petrochemical sector, according to  a report by Thanh Nien News.

Reading Time: 1 minute

Vietnam’s state-owned oil and gas giant PetroVietnam is looking for investments in the range of $7 billion to $7.5 billion from European enterprises to fund eight major projects in the country’s petrochemical sector, according to  a report by Thanh Nien News.

There will be a government loan guarantee for the power projects, Nguyen Tien Dung, PetroVietnam vice president, said.

The Thi Vai LNG receiving terminal, Nam Con Son 2 gas pipeline, three thermal power plants and Phuoc An port are among the projects offered, the Hanoi-based group said in a separate statement.

PetroVietnam has been calling for investment in the past few years to fund several dozen projects including expansion of its existing refinery and plans to build a third, nine power plants and a series of upstream projects domestically and overseas.

Investors from Japan, Singapore, Russia, Venezuela, Korea have already shown interest, the company said, but it wants to attract attention also from possible European partners.

State media have reported that Japan’s JX Nippon Oil and Energy Corp and Venezuela’s state oil company PDVSA could sign a memorandum of understanding with PetroVietnam to join the expansion plan. The head of the refinery said the companies have shown interest but there have been no negotiations with them yet.

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