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Sun 20 May 2007 10:43 AM

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Oman, Vietnam sign gas deal

The sultanate hopes a deal with Petro-Vietnam will help expand its oil and gas sector.

The Oman Oil Company (OOC) is set to cooperate in gas and oil with the Vietnam Oil and Gas Group Company (Petro-Vietnam) in a bid to boost its investments base in the sector.

The two companies signed an MoU yesterday in the Vietnamese capital of Hanoi.

The move will see joint cooperation between the countries in oil and gas fields and projects associated with production and refining operation, according to Minister of Commerce and Industry and OOC chairman, Maqbool bin Ali Sultan.

The agreement will also involve joint investment and cooperation in exchanging expertise in the sector, he said.

The MoU is set to help OOC expand its investments in gas and oil.

Petro-Vietnam is owned by the Vietnamese government and operates in oil and gas exploration, oil refineries and related petrochemicals industries.

Vietnam's crude oil production is estimated at 350,000 barrels per day. The country also boasts a 70 trillion cubic feet gas reserve.

According to ONA, the monthly statistical bulletin published at Oman's National Economy Ministry website, the sultanate's total crude oil output fell by 6.2% in the first three months of 2007 compared with the same period last year.

Last week, Oman signed a MoU with Iran for oil and gas cooperation, including bilateral cooperation on developing gas fields in Iran with Oman's investment and the construction of a gas pipeline from Iran to Oman.

The two countries also signed a deal to transfer gas from neighbouring states in northern Iran to the sultanate.

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