Vietnam's guarantee for vast gas project<\/p>\n
HANOI (AFP): Vietnam's government has agreed to provide
\nguarantees to foreign oil firms for the country's biggest natural
\ngas project, worth US$1 billion, official media said Sunday.<\/p>\n
Documents extending the guarantee were signed Friday by
\nofficials of the planning and investment ministry and
\nrepresentatives of British Petroleum, Statoil from Norway and The
\nOil and Natural Gas Corporation from India, communist party
\norgan, Nhan Dan said.<\/p>\n
The guarantee, aimed at reassuring foreign investors, concerns
\nthe transport of natural gas from the Nam Con Son offshore basin
\n400 kilometers (360 miles) southeast of southern Vietnam's Vung
\nTau city.<\/p>\n
Gas from the Nam Con Son basin, discovered in 1993, with
\nreserves estimated at 58 billion cubic metres, is to be
\ntransported overland to the Phy My hydroelectric station in the
\nBa Ria-Vung Tau province, the paper said.<\/p>\n
Initial accords on the project were signed in April last year
\nbetween the three foreign firms and the state-owned PetroVietnam
\nbut bureaucratic delays held up progress.<\/p>\n
Foreign experts say lengthy negotiations on the price of gas
\nadded to the delay in finalizing an agreement.<\/p>\n
Vietnam produces more than 10 million tons of crude oil and a
\nbillion cubic metres of gas from its joint venture project with
\nRussia, VietsovPetro. The country has no refinery and ships out
\nalmost all of its production.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/vietnams-guarantee-for-vast-gas-project-1447893297",
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