Vietnam president supports oil and gas cooperation with US group

Thanh Nien News

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President Truong Tan Sang receives an ExxonMobil representative in Hanoi on May 22. Photo credit: Vietnam News Agency President Truong Tan Sang receives an ExxonMobil representative in Hanoi on May 22. Photo credit: Vietnam News Agency
President Truong Tan Sang expressed Vietnam's eagerness to cooperate with American multinational oil and gas corporation ExxonMobil during a meeting with company representatives in Hanoi on Thursday, Vietnam News Agency reported.
Sang said he welcomed the American firms’ plans to further increase two-way trade as well as US support for Vietnam’s participation in the Trans-Pacific Partnership (TPP).
He further expressed his hope that investors from the US and other countries will prosper in Vietnam, and suggested that US firms and the state-owned Vietnam Oil and Gas Group (PetroVietnam) focus on finalizing trade deals this year.
The representatives from ExxonMobil informed the Vietnamese leader of the planned joint projects between the US firm and PetroVietnam, and voiced their hope that the projects would bring about practical benefits for both sides.
Highlighting Vietnam as an attractive investment destination, the representatives thanked the country for its support.
Once cooperation agreements are signed, the American firm pledged to mobilize human resources and other assets to accelerate this years’ planned programs, they said.
Last March, a source from the Ministry of Industry and Trade told Thanh Nien that ExxonMobil is preparing to invest around US$20 billion in a gas power complex with PetroVietnam.
The project would include the construction of two power plants with a combined capacity of 6,000 to 6,500 megawatts, according to the source.

It would cover an area of 200 hectares in total, but the locations for the plants have not been revealed. 

The mega project could make the United States one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan.

US companies have invested around $10 billion in Vietnam so far this year, making it the 7th largest foreign investor in the country.

In 2011, ExxonMobil announced it had made a potentially significant gas discovery off the coast of central Vietnam.

It said it conducted its second exploration off the coast of Da Nang in August 2011 and encountered hydrocarbons, after its first expedition turned up nothing. 

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