BP to invest $2b in Vietnam

BP to invest $2b in Vietnam

HANOI (AFP): British Petroleum plans to invest US$2 billion to develop gas infrastructure in Vietnam by the end of the century, the company's local manager said in an interview published yesterday.

"To exploit gas that has been found, we expect to spend $1 billion on production facilities offshore and for an undersea pipeline, and another $1 billion in facilities to make use of the gas, such as power or fertilizer plants," Michael Yeldham told the local Nhan Dan newspaper.

To date, BP has spent $330 million exploring the Con Son Basin field, which is estimated to have gas reserves of around 60 million cubic metres (2.1 trillion cubic feet), or enough to provide power to Ho Chi Minh City for 25 years.

Another $30 million has been invested in a lubricant joint venture with Vietnamese state firm Petrolimex, which is expected to begin operations in 1996 and produce 50,000 tons a year.