Oman Oil Company (OOC) and PetroVietnam have signed a memorandum of understanding (MoU) for co-operation in oil and gas exploration.
The MoU includes collaboration in production and refining operations, exchange of expertise and joint investment, according to Maqbool bin Ali Sultan, Oman's minister of commerce and industry and chairman of OOC.
After the signing ceremony, Maqbool said the MoU with Petro-Vietnam came within OOC's strive to increase and expand its investments base in oil and gas.
Ahmed Macki, Oman's minister of economy, recently visited Vietnam after expressing an interest in finance, banking, oil and gas, thermo-electricity and resort building in the country.
The minister said the purpose of the visit was to boost co-operation and to emphasise Oman's willingness to enter into joint ventures with Vietnamese partners or set up wholly-owned investment projects in these areas.
The announcement follows shortly after Oman Oil struck a lucrative deal with China Gas to import gas into China from the Middle East. The newly established joint venture will mainly import liquefied natural gas and liquefied petroleum gas into China. Oman Oil holds a 7.66% stake in China Gas.
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