Petrovietnam Gas has signed a deal with Chevron Corp, Japan's Mitsui Oil Exploration Co and Thailand's PTT Exploration and Production to build a $1 billion gas pipeline in southern Vietnam.
Petrovietnam Gas, run by state oil and gas group Petrovietnam, will hold a 51 percent stake under the business cooperation contract signed in Hanoi on Thursday, the corporation said in a statement.
The three foreign firms would hold the remaining combined 49 percent, it said without giving investment breakdowns.
The 400-km (248-mile) pipeline, 246 km of which will be under the sea, will transport 6.4 billion cubic metres of natural gas annually from blocks B, 48/95 and 52/97 in Vietnam's southwestern waters to power plants in Can Tho city's O Mon complex.
The gas would also be distributed to the gas, electricity and urea complex in the southern province of Ca Mau, the statement said.
Petrovietnam Gas said each year it supplies material to generate 40 percent of Vietnam's electricity, 35 percent of urea production needs, 10 percent of petrol consumption and nearly 70 percent of the country's liquefied petroleum gas.
Source: Reuters