Multi-national private oil & gas consortium debuts

Some high-profile financial and technological foreign groups working in the oil and gas industry officially joined a private oil and gas consortium (SAONAM PETRO), the first of its kind in Vietnam, in Hanoi on March 16.

They include DSME of the Republic of Korea, AGR of Norway, and Longbeach Oil and Otto Energy of Australia.

Addressing the event, Vice Chairman of the National Assembly Nguyen Duc Kien said Vietnam is pursuing an energy development policy and that the inception of SAONAM consortium will create a change in the development of energy resources and the implementation of energy security policy in service of the country’s socio-economic development.

He asked the consortium to early carry out specific oil and gas projects in Vietnam.

According to SAONAM CEO Pham Van Quang, the group looks forward to participating in the search, exploration, exploitation and development of oil and gas fields offshore.

The consortium plans to invest in infrastructure of the energy sector in Vietnam, including a system of storage facilities, a trans-national gas pipeline, and a network of central gas storage facilities and stations for industrial zones and new urban areas.

VNA

Tags: Vietnam gas, Vietnam oil, Vietnam oil and gas