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PetroVietnam and Mitsui confirm their willingness to promote the cooperative efforts to achieve their mutual benefits

Nov. 10, 2017


Vietnam, November 10, 2017 - Vietnam Oil and Gas Group ("PetroVietnam", the national oil and gas company of Vietnam) and Mitsui Co., Ltd. ("Mitsui", a Japanese company) has successfully closed the negotiation and finalization of their cooperation agreement in the development of the gas and gas-to-power industry in South Vietnam. The signing of this cooperation agreement was in the presence of country leaders from the Socialist Republic of Vietnam and Japan at the occasion of the APEC Summit in Da Nang, Vietnam.

The agreement is to explore potential cooperation and investment business opportunities between PetroVietnam and Mitsui in the development of LNG, LNG receiving terminals, gas-fired power plants and other relevant facilities in South Vietnam. PetroVietnam and Mitsui confirm their willingness to cooperate to achieve mutual benefits.

PetroVietnam manage and operate the development of oil and gas, and petrochemical industries in Vietnam and invest in global oil and gas projects. Mitsui is a leading global trading and investment company, having worldwide operations in production, marketing, and trading of hydrocarbons and LNG as well as development of infrastructure projects such as LNG-receiving terminals, gas distribution, gas transportation pipelines and power generation.

PetroVietnam and Mitsui's affiliate, Mitsui Oil Exploration Co., Ltd. ("MOECO"), are partners in the Block B Gas value chain project, which comprises the development of gas fields from Block B & 48/95 and Block 52/97 offshore Southwest Vietnam, a gas transportation pipeline and gas-fired power plants.

Following the execution of this cooperation agreement, Mitsui expects to join with PetroVietnam in exploring opportunities from financial institutions to finance the Block B Gas value chain project development.

From left: Shinzo Abe, Prime Minister of Japan, Hiroyuki Tsurugi, Chief Operating Officer of Energy Business Unit I, Tran Dai Quang, President of Viet Nam, Nguyen Vu Truong Son, President & CEO of PetroVietnam at the MOU signing ceremonyFrom left: Shinzo Abe, Prime Minister of Japan, Hiroyuki Tsurugi, Chief Operating Officer of Energy Business Unit I, Tran Dai Quang, President of Viet Nam, Nguyen Vu Truong Son, President & CEO of PetroVietnam at the MOU signing ceremony