Prime Minister Le Minh Hung received PETRONAS President and Group CEO Tengku Muhammad Taufik in Hanoi on October 16 and affirmed Government support for expanded investment and new contracts for open blocks on Vietnam's continental shelf.
He commended PETRONAS's contributions to oil and gas exploration and production in Vietnam and Malaysia.
Le Minh Hung praised the more than 30-year partnership between PETRONAS and Petrovietnam, saying it supports energy security, sustainable development and economic growth in Vietnam, Malaysia and Asia.
He stressed the importance of stable operations at the PM3-CAA project in the overlapping area between Vietnam and Malaysia. The project has produced 250 million barrels of oil and 43 billion cubic metres of gas, generating more than 25 billion USD in revenue.
The Prime Minister said cooperation must ensure investment efficiency, balance the interests of the State, businesses and investors, and comply with Vietnamese and international law.
Vietnam is improving regulations on oil and gas, electricity, investment and land, adjusting Power Development Plan VIII and streamlining procedures for energy projects.
He noted PETRONAS's participation in the Vietnam-Malaysia-Singapore power grid interconnection project and said the Government supports it as a step towards the ASEAN Power Grid vision.
Le Minh Hung congratulated PETRONAS and Petrovietnam on signing a Strategic Alliance Agreement, which moves cooperation towards a partnership across the energy value chain.
The Government will facilitate projects that comply with national plans and Vietnamese law and support businesses and investors during implementation.
Tengku Muhammad Taufik said PETRONAS wants to deepen ties with Vietnamese partners, provide affordable energy supplies and support growth in both countries.
PETRONAS also wants to expand long-term LNG cooperation and develop LNG infrastructure with Petrovietnam and other Vietnamese enterprises, while exploring offshore wind power, hydrogen, carbon capture and storage, and technology transfer.
Sources: VietnamPlus / Vietnam News Agency
