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Eni expanding into Vietnam

Jan. 22, 2013 at 7:08 AM   |   Comments

ROME, Jan. 22 (UPI) -- Italian energy company Eni announced it signed a memorandum of understanding to explore potential business opportunities with state-owned PetroVietnam.

Eni Chief Executive Officer Paolo Scaroni met with PetroVietnam President Do Van Hau in Rome for the signing of an MOU on the development of business opportunities in Vietnam and elsewhere.

The memorandum gives PetroVietnam the chance to expand its international footprint while allowing Eni to enter into development in Vietnam, the company explained.

The CIA World Fact Book estimates that Vietnam in 2011 produced 318,000 barrels of oil and 300 billion cubic feet of gas per day.

Scaroni added that the Vietnamese company would gain from training opportunities from his company.

Eni entered the Vietnamese energy sector in June when it took on the operatorship at three exploration blocks in the Hong Son basin in the Gulf of Tonkin.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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