PetroVietnam Sign MoU With Italian Energy Company
Jan. 23 – In a clear sign of expanding Vietnam-Italy ties, Italian energy company Eni has signed a memorandum of understanding (MoU) with Vietnam’s state petroleum agency PetroVietnam in a bid to further develop business ties in Vietnam. The MoU was signed between Eni’s Chief Executive Paolo Scaroni and PetroVietnam’s President and Chief Executive Do Van Hau.
The MoU grants Eni greater freedom to acquire additional land in Vietnam. In return, Eni will allow PetroVietnam to acquire shares in international areas and blocks where it owns exploration and development rights. Eni will also share certain proprietary knowledge, technology and skills training with PetroVietnam.
The move to sign this MoU with PetroVietnam came after Eni had recently achieved exploration successes in Indonesia and Pakistan, and after recent acquisitions in Australia.
“[The signing of this MoU] represents a further step forward for Eni’s strategy to strengthen its presence in Asia,” an Eni spokesperson stated.
Eni has been operating in Vietnam since June 2012 in the Hong Son basin in the Gulf of Tonkin, an area estimated to contain 10% of Vietnam’s total hydrocarbon resources.
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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