PDVSA signs deals with Vietnam

Vietnam’s national oil company, PetroVietnam, could perform EP in Venezuela to manufacture synthetic crude from the Orinoco oil belt, Venezuela’s state oil firm PDVSA said in a statement. The two countries signed an energy agreement during Venezuelan President Hugo Chávez’s two-day visit to Vietnam in late July. The deal includes provisions for “assessing E&P opportunities in both Venezuelan and Vietnamese oilfields,” according to PDVSA. In addition, the deal covers establishing refining, storage and terminals in Vietnam, marketing oil and related products in the Asia-Pacific region and providing natural gas, according to PDVSA. (August 2, 2006)