Representatives of the National Oil and Gas Group of Vietnam (PetroVietnam) and the Venezuelan Petroleum Corporation (CVP) have recently sealed a contract for the establishment of their joint venture, PetroMacareo, to explore oil in Lot Junin-2 in the Orinoco belt of Venezuela.
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| The signing ceremony of the contract for the establishment of PetroMacareo joint venture, Caracas, Venezuela, June 29, 2010 – Photo: VGP |
The signing ceremony took place on June 29 (local time) in the witness of Vietnamese Deputy PM Hoang Trung Hai and many Vietnamese and Venezuelan senior officials.
The event is described as a milestone in the comprehensive cooperation between Vietnam and Venezuela, especially in the domains of economics, trade, and energy – petroleum. It is also a step in realizing the energy cooperation agreement which was penned during the visit of Venezuelan President Hugo Chavez to Vietnam in July 2006.
The Governments of Vietnam and Venezuela have paid due attention to the implementation of the Lot Junin-2 project, which is regarded as the key for their bilateral cooperation.
The contract is valid in 25 years, with a 15-year extension, and required an investment capital of over US $1.8 billion in the period of 2009-2014. The project expects to tap from 50,000 to 200,000 oil barrels a day.
On behalf of the Vietnamese Government, Deputy PM Hoang Trung Hai welcomed the significant event and appreciated the endeavor of both PetroVietnam and CVP for the founding of such a large-scale joint-venture.
Mr. Hai also took this occasion to call on relevant ministries and agencies of Venezuela to pave the favorable way for the invetors to fruitfully implement the project.
