Petrovietnam unit wins contract in Algeria
HANOI - The Petrol Investment and Development Company under the Vietnam Oil and Gas Corporation (PetroVietnam) has won a contract for exploration and exploitation of oil and gas at lots 433A and 416B in the southwestern region of Algeria.
A contract to this effect will be signed soon, said the Vice President of Algeria's national oil and gas company SONATRACH.
This is the first time when Vietnam's oil and gas company participated in international biddings in Algeria who put seven projects on oil and gas exploration and exploitation for bidding on this occasion.
PetroVietnam began its investment projects in Malaysia, Mongolia and Indonesia in 2001. Its Oil and Gas Technological Service Company won a US$134 million contract for installation of a drilling rig in Malaysia.
Since 1988, PetroVietnam has signed 45 product sharing contracts with overseas companies with a combined investment of US$4 billion.
Vietnam news Agency - July 05, 2002.
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