Petronas may boost stake in Vietnam

Petronas may boost stake in Vietnam

KUALA LUMPUR: Vietnam said Saturday it would consider allowing
Malaysia's national oil and gas company to increase its stake in
the country but said it also needs more labor-intensive
investments from Malaysia, the national news agency Bernama
reported.

Ending two days of talks to boost diplomatic and economic ties
between the countries, Vietnam's Foreign Minister Nguyen Dy Nien
said he hopes for more Malaysian investments in agriculture,
aquaculture, fishing and mining.

In a joint statement with his Malaysian counterpart Syed
Hamid Albar, Nguyen said Vietnam will consider offering more
opportunities for Malaysia's Petronas to develop oil and gas
reserves in the country.

Petronas has a total investment of $900 million in Vietnam in
upstream and downstream operations, making it the third largest
oil company in that country. -- Dow Jones