PetroVN to sign Japanese deals

The Viet Nam National Oil and Gas Group (Petro-Vietnam) is expected to sign six memorandums of understanding (MoU) with Japanese partners at a four-day investment promotion programme in Tokyo that started on Tuesday.

The programme is being jointly held by Petro-Vietnam and the Japan External Trade Organisation (Jetro) and it is the first stage of the group’s overseas investment promotion strategy.

PetroVietnam will ink deals with the Japan Bank for International Co-operation and Nippon Export and Investment Insurance to secure finance and insurance for export credit loans.

The group will also collaborate with Jetro in investment promotion. Another MoU will also be reached with the Sumitomo Mitsui Banking Corporation for co-ordination in credit granting, training and other financial services.

An understanding with Tokyo Electric Power Company will be hammered out to study the possibility of investment in the coal-fired thermal power projects of Long Phu 1 and Song Hau River 1.

Thirty projects

Throughout the programme, the group has been promoting 30 projects in areas of electricity, ports, real estate, financial investment and oil and gas equipment, as well as its key national projects.

The programme has attracted interest from more than 300 representatives from Japanese organisations and businesses.

PetroVietnam’s directors will hold meetings with senior leaders of the 10 leading economic groups in Japan and also work with 50 companies and organ-isations to discuss specific investment opportunities.

Nguyen Tien Dung, deputy general director of PetroVietnam, said Japan was a strategic investor in Viet Nam and despite Japanese firms being rather fastidious in choosing projects, once they made a decision on investment, they did their utmost to make it successful.

The group selected Japan as an initial step to call on foreign investment because Japanese companies had powerful financial resources with advanced technologies, he said.

“After this event, PetroVietnam plans to continue the programme in South Korea, the US, the Middle East and Russia,” he added. — VNS

Tags: JETRO, PetroVietnam