Cooperation Agreement with Venezuela partner


Cooperation Agreement with Venezuela partner

In August 2008, PVTrans’ delegation accompanied Vietnam Oil and Gas Group (PetroVietnam) delegation led by Mr. Dinh La Thang – Chairman of PetroVietnam to Venezuela to work with Petróleos De Venezuela, S.A (PDVSA), a state owned oil and gas group of the Bolivarian Republic of Venezuela, for speeding up the mutual business co-operation including oil and gas transportation.

On this occasion, the delegation participated in the 1st joint governmental commission between Venezuela – Vietnam at which the Vietnam governmental delegation was led by Mr. Vu Huy Hoang – Minister of Ministry of Industry and Trade.

At the commission, PetroVietnam and PDVSA agreed in principle about the establishment of a joint venture between PVTrans and PDVSA for transportation of crude oil to supply Long Son refinery located in Ba Ria – Vung Tau (Vietnam) which is a joint venture between PetroVietnam and PDVSA as well as participation in international transportation market of crude oil and petroleum products .

PVTrans delegation with leaders of Vietnam Ministry of Industry and Trade/PetroVietnam and leaders of Venezuela Ministry of the People’s Power for Energy and Oil/PDVSA at the 1st intergovernmental commission, Caracas 22 August 2008.

It is an oil and gas transportation project which has considerable investment capital and is in the integrated business co-operation chain between PetroVietnam and PDVSA from exploration - exploitation, refining- petrochemical, transportation and distribution. This co-operation will open new opportunity to PVTrans for its sustainable development in the coming years.

As planned, PVTrans and PDVSA agreed to expedite the negotiation in order to be able to sign the Joint Venture Agreement in middle of November 2008.

Thanh Binh

Read more: