Vietnam Facilitates Oil, Gas Investment Abroad

The Vietnamese Government has recently issued a decision to encourage local businesses in investing in oil and gas projects aboard.

 

Under the recent decree, state-owned oil and gas projects or that of other economic sectors costing VND3 trillion upward and VND5 trillion upward, respectively, must seek the Prime Minister’s approvals.

 

The decree also shorten s the time needed to verify investment projects and issue a license by the Ministry of Planning and Investment from the current 30 days to 25 days.

 

For oil and gas projects formed via participation interest transfer or projects that investors proved its urgency, the verification and issuance will be reduced to three days.

 

The decision will take effect from April 6.

 

By the start of November 2008, the state-own oil monopoly PetroVietnam poured more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon. (VoV)