ENI, PetroVietnam sign deal on offshore Myanmar oil exploration

October 27, 2014 | 14:00

(0) user say

ENI S.p.A., Italy’s leading energy and economic group, and PetroVietnam Exploration Production Corporation (PVEP) have signed a partnership agreement to exploit oil blocks MD-2 and MD-4, located offshore of Myanmar.

The agreement was signed in Milan during Prime Minister’s Nguyen Tan Dung’s recent visit to Europe in October. PetroVietnam chairman Nguyen Xuan Son joined the group of business leaders accompanying the prime minister, reported PetroVietnam’s website.

Also during the visit, Minister of Industry and Trade Vu Huy Hoang and Son held talks with ENI leaders. Hoang confirmed that the ministry would continue to support and provide the most favourable conditions for co-operation between the two companies in the framework of oil and gas exploration projects, not only in Vietnam but also in other countries as well.

ENI has operations in 85 countries and is Italy’s largest industrial conglomerate. The Italian government owns 30.3 per cent of the company and it operates in a number of fields including contracting, nuclear power, energy, mining, chemicals and plastics, extraction and distribution machinery, hospitality, and even textiles and the media.

Since June 2012, ENI officially launched operations and strengthened co-operation in the oil and gas exploration sector in Vietnam. It has exchanged working delegations and cemented its long-term partnership with the country through its agreement with PetroVietnam.

By By Huyen Trang

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional