PetroVietnam signs deal with Dubai oil company

July 29, 2019 | 15:43
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PetroVietnam Oil Corporation has signed a joint venture agreement with a Dubai-based oil conglomerate at its headquarters in Ho Chi Minh City.
petrovietnam signs deal with dubai oil company
Nguyen Hoang Tuan (left) and Igho Charles Sanomi II seal their historical deal

Nguyen Hoang Tuan, chairman of the Board of Directors of PetroVietnam Oil Corporation, and Igho Charles Sanomi II, chairman of the Board of Directors of Taleveras Exploration and Production DMCC, signed the joint venture agreement witnessed by board members and management staff of both institutions.

The collaboration will involve the creation of a joint venture entity in the United Arab Emirates, an international brand to promote the global presence in the domestic oil and gas industry, alongside the establishment of local oil terminals and facilities in Vietnam.

Antonio De Santis, a Taleveras executive based in Dubai, expressed his satisfaction. “The project evaluation, negotiations, compliance, and due diligence has now given birth to a multinational company that will be based in the UAE and operated as a first-class corporation with the highest degree of transparency and corporate governance policies,” he said.

With his optimism on the actualisation of set targets, Tuan meanwhile stated that it is in the interest of his company to expand its operations and go into ventures that will benefit the people of Vietnam and at the same time promote its brand internationally. He shared satisfaction with the clinical process of compliance achieved during its evaluation.

PetroVietnam Oil Corporation is a subsidiary of PetroVietnam, a state-owned oil company, with past revenue generation in excess of $37 billion.

PetroVietnam also carries out exploration activities in Malaysia, Indonesia, Mongolia, Myanmar, and Algeria, and recovers oil in both Iraq and Malaysia.

Taleveras is an oil and gas exploration, production, marketing and asset management company based in Dubai, and ic carrying out multiple activities across various African and Middle-Eastern countries.

By Hanh Quyen

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