Viet Nam Oil & Gas Group, known as PetroVietnam, and Oman Oil Co. will set up a $100 million investment fund to develop oil and refining projects, Lao Dong newspaper reported, without saying where it got the information.
The fund will be increased to between $300 million and $500 million in 2010, Lao Dong said. Oman Oil will contribute 75 percent of the fund and the rest will come from PetroVietnam, the report said.
The Vietnamese state-owned company’s investment arm, PetroVietnam Finance Joint-Stock Co., will be Oman Oil’s partner in the investment, according to Lao Dong.
Courtesy: www.chiasesoft.com
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