PetroVietnam is on the hunt for heavyweight EU investment

The price of gas, the risk of foreign currency exchange  and the timeline for using ethanol gasoline were debated at a meeting between the parties. Other topics of debate in the wide-ranging meeting included the infrastructure system for offshore exploration  and the investment return rate.

The conference named “Partnership with PetroVietnam – Exclusively for European Investors” held last week in Hanoi, co-organised by PetroVietnam and the EuroCham in Vietnam. The conference attracted high ranking officials from EuroCham in Vietnam, embassies, trading counsellors and more than 80 European companies and organisations.

Do Van Hau, CEO of PetroVietnam, presented a list of more than 40 projects as investment opportunities for European investors.  Among those, eight projects were highlighted as priorities for European investors. They include  Nam Con Son 2 pipeline,  Thi Vai LNG storage, Phuoc An port, Dung Quat shipyard and power plants such as Thai Binh 2, Hua Na and Nhon Trach 1. European investors were also invited for acquiring stakes in Petrochemical and Textile Fiber and financial investment in PetroVietnam’s leading listed companies.   

According to Preben Hjortlund, chairman of EuroCham Vietnam, the meeting was an exclusive chance for both European investors and PetroVietnam to show off their interest and share information about those energy development projects.

“This meeting is the basis for our companies to have further discussions with PetroVietnam to be involved in those projects,” Hjortlund said.

Philip MacLaurin, country manager of UK’s Premier Oil in Vietnam described his experience of doing business in Vietnam and showed off the successful story of cooperation between PetroVietnam and Premier Oil, as well as suggestion for the host company to do this task better in the future.

As Vietnam’s flagship energy group, PetroVietnam has played a key role in the development of the nation’s  economy. Over the past three decades the group has signed more than 60 cooperation contracts with foreign companies in Vietnam and invested in 14 countries worldwide.

In 2011, the group generated the gross revenue of $35 billion and was a major contributor to the state budget.