Call for European Investors in the Oil and Gas Sector
By Le Thi Nhung
Nov. 27 – Vietnam Oil and Gas Group (PetroVietnam) coordinated with Eurocham in Hanoi on November 14 to organize a conference covering partnerships with PetroVietnam exclusively for European investors.
During the conference, the General Director of PetroVietnam Do Van Hau gave an introduction to the investment strategy and investment attraction targets of PetroVietnam. He said that from now to the year 2015, PetroVietnam needs US$40 billion in funding to implement many important projects to archive its development strategy for the group restructuring plan that will be submitted to the Prime Minister for approval.
In order to assure that the company has enough investment capital, PetroVietnam wishes to coordinate with European partners on 40 projects in 5 important fields – including electricity production, finance, and oil and gas engineering services, with average revenues at US$4 billion per year.
Specifically, PetroVietnam wishes to attract European partners in the following projects:
- Depot of natural gas at LNG 1 MTPA Thi Vai (Ra Ria – Vung Tau Province)
- Nam Con Son 2 gas pipeline and Thai Binh 2 thermal power plant (Thai Binh Province)
- Hua Na hydropower plant (Nghe An)
- Nhon Trach 1 thermal power plant (Dong Nai Province)
- PetroVietnam Petrochemical and Textile Fiber Joint Stock Company, Dung Quat shipyard (Quang Ngai Province)
- Phuoc An seaport project (Dong Nai Province).
In addition, PetroVietnam also calls for financial investment in 10 of its member enterprises that are among the largest in overall capital and in transactions, such as:
- PetroVietnam Fertilizer and Chemical Corporation
- PetroVietnam Construction Joint Stock Corporation
- PetroVietnam Insurance Corporation
According to Chairman of Eurocham Preben Hjortlund, European enterprises also wish to become partners of PetroVietnam. This is the first time PetroVietnam has organized a conference program to find European investors to partner in some of the company’s operation fields, and this has subsequently attracted the attention of many European businesses in Vietnam.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
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