Vietnam promotes energy cooperation with the Middle East and North Africa

Like many businesses participating this forum, Mubadala Petroleum (The United Arab Emirates) assesses Vietnam is an important market with many attractive opportunities to explore and exploit oil and gas offshore. In the photo: Prime Minister Nguyen Tan Dung talks to leaders of Mubadala Petroleum Corporation.

After the opening session, there is a general meeting held at the forum about the theme ‘An overview of investment and business environment’ and two meetings about the themes ‘Cooperation in the field of energy, trade and infrastructure development’ and ‘Cooperation in the field of labour, agriculture and tourism’. The forum is an opportunity for meeting, exchanging, determining direction, field of priority economic cooperation, establishing guidelines and specific measures to enhance efficiency cooperation between Vietnam and the Middle East and North Africa.

Despite geographical distance, Vietnam and countries in the Middle East and North Africa have had a traditional friendship and cooperation for many years, of which investment cooperation in energy is a bright spot in friendship. At present, many Middle East companies have been actively involved in large projects in Vietnam such as the Nghi Son oil refinery and petrochemical complex, Long Son petrochemical complex, Ha Long Star Hotel, Phuoc Premier Container Terminal in Ho Chi Minh City and Zamil Steel pre-engineered steel plant, etc.

Several Vietnamese companies have also carried out investment projects in the Middle East and North Africa. One notable example is oil and gas exploration and production project invested by Vietnam National Oil and Gas Group (PetroVietnam) in Algeria. Presently, around 26,000 Vietnamese are working on infrastructure development projects in countries of the regions.

Speaking at the Forum, Mr. Prime Minister Nguyen Tan Dung stressed that besides good political relations, Vietnam and the Middle East-North African countries have great advantages and potential which can supplement each other for mutual cooperation and development. After more than 30 years of implementing the opening and reform strategy, Vietnam has now become a middle-income developing country. Vietnam is an attractive investment destination with political stability, a promising market and abundant and skilled human resources. It is also situated in the dynamically developing Asia - Pacific region - a growth engine for the global economy. Middle East - North African nations have a strategic position that connects three continents, namely Asia, Europe, Africa and possess abundant economic strengths and potentials, rich natural resources, especially world’s leading reserve of oil and gas.  

The Forum will provide an opportunity for policy makers and businesses to meet, exchange information, experiences, suggest orientations, priority field of economic cooperation as well as specific measures to enhance and improve the efficiency of cooperation in various fields between Vietnam and the Middle East - North Africa.

Prime Minister Nguyen Tan Dung affirmed that under the motto ‘Vietnam is a reliable friend and a responsible member of the international community’, Vietnam always attaches importance to promoting multifaceted cooperation with countries in the Middle East and North Africa.

He also suggested the Forum to discuss to propose specific initiatives and measures to promote cooperation in the fields which each side has strengths, especially commerce, energy, minerals and infrastructure development; establish and sign agreements to provide a stable and long-term legal framework for cooperation in these fields.

Earlier, in his opening speech, the Minister of Foreign Affairs Pham Binh Minh stated that this Forum will be an opportunity for Vietnam to introduce policies of economic development, investment and business opportunities in Vietnam to the Middle East and North Africa countries as well as help Vietnamese ministries, branches, localities and enterprises to understand trade and investment policies of partners in the region. In addition, the Forum will provide an opportunity for policy makers, enterprises to meet one another, exchange information, experiences, suggest orientations, priority fields of economic cooperation and specific measures to strengthen and enhance cooperation efficiency in various fields between Vietnam and the Middle East - North Africa countries.

Middle East and North Africa are vast regions, stretching from Iran through the Persian Gulf, the Arab peninsula, Suez Canal, East coast of the Mediterranean, to West coast of North Africa and South coast of the Mediterranean, situated at among three continents of Asia, Europe and Africa. These regions are rich in mineral resources, especially oil and gas (holding 6 percent of global crude reserves, 45% of natural gas reserves in the world).

Like many businesses participating this Forum, Mubadala Petroleum Corporation (The United Arab Emirates) appreciated that Vietnam is an important market with many attractive opportunities for offshore oil and gas exploration and production activities. Mubadala Petroleum has interest in Block 04-2, Block 07/02, and Bock 135 & 136/03. The drilling is being conducted in 2013 and 2014.

Became an official partner of Vietnam in 2007, Mubadala Petroleum not only contributes positively to the oil and gas industry in Vietnam, but also focuses on employee’s safety, security, health, environment and social responsibility. Mubadala Petroleum said that the Group's success has been achieved due to clear purpose, close relationship with partners, passion, human resources with a focus on work efficiency. 

VietnamEnergy.vn