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