Việt Nam News. Vietnam’s first private oil and gas consortium, Sao Nam Petro, recently launched with the participation of DSME of South Korea; AGR of Norway; and Longbeach Oil and Otto Energy, both from Australia. The enterprise at first will undertake projects at the marginal oilfields offshore from Viet Nam’s threshold and build a factory producing dimethyl ether (DME). It also plans to build a gas reservoir in the North.
Deputy chairman of the National Assembly Nguyen Duc Kien said the founding of Sao Nam Petro would promote innovation in energy development and security. He asked the conglomerate to rapidly implement oil and gas projects in Viet Nam.
Pham Van Quang, chairman of Sao Nam Group, said the enterprise would focus its investment on oil and gas exploration and exploitation of marginal small oilfields and plots in larger fields.
The company plans to seek other foreign investors, especially for large projects, and to sign joint operating contracts to co-implement the projects. It will also invest to develop strategic oil reservoirs, gas pipelines from the northern to the central and southern areas of the country and other projects.